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351 






For Reference 

Not to be taken 
from this library 









FIRST REPORT 



OF THE 



trustees of the 

Boston Elevated Railway 
Company 



(For the Year ending December 31st) 



1918 



► 81 




• 



FIRST REPORT 



OF THE 



trustees of the 

Boston Elevated Railway 
Company 



(For the Year ending December 31st) 



1918 



BOSTON 
1919 



(I 



(^prratituj Sfcpartmrnte 

CHARLES D. EMMONS General Manager 

(Appointed Nov. 25, 1918.) 

H. BERTRAM POTTER .... Asst. General Manager 

(Appointed Jan. 10, 1919.) 

EDWARD MAHLER Purchasing Agent 

CLARENCE E. LEARNED .... Supt of Inspection 

EDWARD DANA Supt. of Transportation 

FREDERICK S. FREEMAN Supt. of Power 

JOHN LINDALL .... Supt of Rolling Stock and Shops 
HARRY M. STEWARD Supt. of Maintenance 

(!Drtj*r Srpartm^nta 

CLARENCE K. REED General Auditor 

(Appointed Dec. 1, 1918.) 

LAW DEPARTMENT 

H. WARE BARNUM General Counsel 

(Appointed Dec. 1, 1918.) 

RUSSELL A. SEARS General Attorney 

CHARLES B. GLEASON Attorney 

DANIEL L. PRENDERGAST . . . Real Estate Agent 
ROBERT L. NORTON Director of Publicity 

(Appointed Dec. 1, 1918.) 



(I 



Stmtora 



MATTHEW C. BRUSH, Chairman. 

(Elected Oct. 28, 1918.) 

WILLIAM A. BANCROFT. 
JOHN J. BRIGHT. 
SAMUEL CARR. 
GEORGE P. GARDNER. 
SYDNEY HARWOOD. 
JAMES M. PRENDERGAST. 
FRANK W. REMICK. 

(Elected Oct. 28, 1918.) 

JAMES L. RICHARDS. 
WILLIAM S. SPAULDING. 
EUGENE V. R. THAYER. 
ROBERT WINSOR. 



REPORT OF TRUSTEES. 



From January i, 1918 to July 1, 1918, the railway was oper- 
ated by the stockholders, and, from July 1, 1918 to and includ- 
ing December 31, 1918, the railway was operated by trustees 
appointed by the Governor under the provisions of Chapter 
159 of the Special Acts of 1918. 

This act was accepted by the Boston Elevated Railway 
Company and by the West End Street Railway Company on 
June 3, 1918, and certificates that it had been duly accepted 
and that the three million dollars of preferred stock named 
therein had been duly subscribed for were filed with the Secre- 
tary of the Commonwealth on June 24, 1918. On July 1, 1918 
Governor McCall nominated as the board of trustees to as- 
sume the possession and management of the property, 

William M. Butler 

Louis A. Frothingham 
Stanley R. Miller 
John F. Stevens 
Galen L. Stone 

Mr. Frothingham was elected Chairman and Mr. Miller Sec- 
retary of the Board. 

Mr. Frothingham resigned on October 23, 1918 to enter mili- 
tary service, and on October 28, 1918 the Governor nominated 
Mr. Samuel L. Powers to fill the vacancy. 

Mr. Butler was chosen to succeed Mr. Frothingham as 
Chairman of the board. Mr. Butler resigning on December 
16, 1918, the Governor nominated Mr. James F. Jackson to 
fill the vacancy. Mr. Jackson qualified on January 2, 1919 
and thereupon was elected Chairman of the Board. 

Mr. Galen L. Stone resigned on January 15, 1919 and Gov- 
ernor Coolidge named as his successor Mr. Winthrop Coffin 
who was duly qualified on February 15, 1919. 



IO 



THE SEVEN-CENT FARE. 

The trustees in fulfillment of their obligation under the 
statute with reference to the establishment of fares, in July 
fixed the rate of fare at seven cents, effective August i, 1918, 
in place of the five-cent fare previously collected although at 
the time a petition of the Carmen's Union for increase of 
wages was pending before the National War Labor Board, 
the trustees were advised that an increase of two cents in the 
rate of fare should increase the total revenue of the Company 
by six million dollars per year, which increase was estimated 
to be sufficient to pay the cost of service within the meaning 
of the statute. 

Under the seven-cent fare, the passenger receipts as com- 
pared with the corresponding months of 191 7, when a five-cent 
fare was in effect, showed an increase of $999,034.16. The 
percentage of increase for each month being as follows : 

Per Cent, of 
Increase 

August 1918 23.79% 

September 1918 12.09 

October 1918 2.91 

November 1918 21.03 

4 Months 1918 15.82% 

The number of revenue passengers carried during the same 
period decreased 21,972,995. The per cent, of decrease for each 
month being as follows : 

Per Cent, of 
Decrease 

August 1918 11.49% 

September 1918 20.02 

October 1918 26.48 

November 1918 IS.64 

4 Months 1918 17.88% 

During part of the period in which the seven-cent fare was 
in effect the business of the company was seriously affected 
by the epidemic of influenza, which reached Boston in Sep- 
tember. This necessitated the closing of schools and places of 
amusement for nearly four weeks with the result that the 



II 



earnings in October, 1918, under a seven-cent fare, were less 
than fifty thousand dollars in excess of the earnings of Octo- 
ber, 1917, under a five-cent fare. 

THE EIGHT-CENT FARE. 

The award of the War Labor Board was made in October 
and established a higher scale of wages than had been antici- 
pated. It was evident that the seven-cent fare would be 
wholly inadequate to meet the cost of service, and the trustees 
thereupon fixed the rate of fare at eight cents, effective De- 
cember 1, 1918. 

Under the eight-cent fare, the passenger receipts for the 
month of December, 1918, as compared with the month of 
December, 1917, when a five-cent fare was in effect, showed 
an increase of $595,039.68, or 36.28%, while the number of 
revenue passengers carried showed a decrease of 4,883,56J/- or 
U.86%. 

Thus far the receipts from the eight-cent fare have proved 
inadequate to meet the cost of the service, but this fare will be 
continued in force long enough to provide an experience of 
several months. 

The trustees have considered every means of reducing the 
cost of service so as not to inflict upon the car rider an unneces- 
sary burden of fare. In September, they engaged Mr. Peter Witt, 
of Cleveland, and Professor A. S. Richey, of Worcester, to make 
studies, and suggestions with reference to fares. The trustees 
believe that while a flat fare must be so high in order to meet 
operating expenses, a zone fare should be considered, although 
it would not be desirable if a low flat fare were possible. They 
believe that a zone system should at least be given a trial, and 
they have proposed to divide the territory served into an inner 
zone and an outer zone in each of which a fare of five cents 
might be tried. 

Since the close of the year 1918, however, measures have 
been introduced in the Massachusetts Legislature which, if 



12 

enacted, would prohibit or make inexpedient any attempt at a 
zone system. Further consideration of the experiment is 
therefore, for the time being, postponed. 

POWER. 

During the year the Somerville Sub Station was completed. 
It was put into operation on February 4, 1918 with a capacity 
of 4,000 kilowatts. This consisted of two 2,000 K.W. Westing- 
house Rotary Converters, which were transferred from the Wash- 
ington Village Sub Station. 

The capacity of the Washington Village Sub Station was in- 
creased from 4,000 to 6,000 kilowatts by installing two new 3,000 
K.W. Westinghouse Rotary Converters. 

At Lincoln Power Station, work was commenced on June 20, 
1918 in connection with the installation of a new 25,000 K.W. 
A.C. Turbo Generator, replacing one 2,700 K.W. (D.C.) Vertical, 
cross compound, engine-driven unit. This work has been ham- 
pered by precedence given to war orders, but it is expected the 
new unit will be in operation in the spring of 1919. A new Sulli- 
van Motor-driven Air Compressor of 1,160 cu. ft. capacity has 
been installed. 

At South Boston Power Station the new 35,000 K.W. General 
Electric Turbo Generator was completely wrecked on February 
14, 1918. The cost of repairing the damage will be borne by the 
contractor, and although this work has also been hampered by 
the preference to government work, it is expected it will be in 
condition for operation in the spring of 1919. Mechanical soot 
blowers have been installed on the twenty boilers. 

Work is now underway for the installation of an additional 
2,000 K.W. Rotary Converter at the Charlestown Power Station. 

To carry the load anticipated for next winter, it will probably 
be necessary to add additional converters at both the Lincoln and 
Charlestown Power Stations. 

The capacity of the Power Stations owned at the present time 







J 3 

* in active service is 94,000 kilowatts (D.C.) with 6,390 Kilowatts 

in inactive stations. This comprises the equipment in 6 active 
and 2 inactive main stations and 13 Sub Power Stations. 

CARS. 

During the year, the trustees have purchased two hundred 
new centre-entrance motor cars and fifty centre-entrance trail- 
er cars. These will cost approximately $3,028,000. Work is 
underway to complete forty-six 25 ft. articulated car units, the 
center compartments for which were on hand when the trus- 
tees took office. 

Eighty G.E. 74 type Motors on the No. 1 semi-convertible cars 
have been replaced by Westinghouse type 306 at a cost of ap- 
proximately $64,000. 

Three hundred and sixty-four G.E. 202 type Motors on the No. 
3 semi-convertible cars have been replaced with G.E. 203 type 
which cost approximately $362,000. 

Seventy Air Compressors on No. 4 semi-convertible cars have 
been replaced. 

Six new double-truck Russell Snow Plows have been added 
to the equipment. 

Final deliveries have been received on the 42 new elevated 
cars, ordered for delivery in 1916, and these have been put into 
service. 

The 35 Cambridge Subway cars, ordered for delivery in No- 
vember, 191 7, have not been received, but it is expected that de- 
liveries will start within a few weeks' time. 

The trustees have authorized obsolete rolling stock, to the 
value of $750,000 destroyed. 

SHOPS AND CAR HOUSES. 

| Clarendon Hill Carhouse, which was burned by fire on April 

7, 1918, has been remodelled, and additional car storage capacity 
provided in the vard. 



14 

An addition has been made to the Eagle Street, East Boston 
Carhouse. 

TRANSPORTATION FACILITIES. 

Since July, the trustees have had rebuilt 4 miles and repaired 
18.64 miles of surface track. 

A loop track was constructed at the Hood Rubber Company's 
Factory, Mt. Auburn St., Watertown, so that the transportation 
of their employes and other traffic in that vicinity might be facil- 
itated. This was opened July 20, 1918. 

A new prepayment area was constructed at the Watertown 
Arsenal and opened on December 30, 1918. 

A new surface prepayment area was opened at Egleston Square 
on January 20, 191 8. 

The Everett Elevated Extension will be operated in 19 19. This 
has been under construction for some time, and trains will be 
operated to the temporary station erected south of the Boston & 
Maine "Everett" Station. It is expected that this will relieve 
congestion at the Sullivan Square terminal. 

December 28, 1918, a new transfer privilege was instituted at 
Hyde Square to permit passengers from Brookline to transfer to 
inbound Center Street cars. This was instituted mainly for the 
employes of the Plant Factory located nearby. 

Smoking cars on trains were discontinued on December 28, 
1918. 

A five-cent fare for school children, effective January 1, 1919, 
was authorized. 

WAGES. 

During the year the employes of the company have received 
wage increases which, if applied to a full year, would amount 
to about four million dollars. 

From March 1, 1918, an increase of 2 cents per hour war bonus, 
was awarded by Henry B. Endicott, Executive Manager of the 
Public Safety Committee. 



i5 

From May i, 19 18, an increase of £4 of a cent per hour for 
car and train employes and an increase of 1 cent per hour to 
other employes became effective under the 3-year agreement 
with the Amalgamated Association of Street and Electric Rail- 
way Employes of America. 

From June 15, 1918, increases were allowed employes of the 
company based on the award of the National War Labor 
Board aggregating three and one-half million dollars per 
annum. 

Agreements have also been effected with ten Crafts Unions. 

The total payroll of the company for the 6 months ending 
December 31, 1918, amounted to $6,695,030.98, of which $6,379,- 
986.77 entered into the cost of service, and shows an average per 
passenger of 3.915 cents. 

DEPRECIATION. 

The statute under which the trustees act requires that they 
shall set aside "such allowance as they may deem necessary or 
advisable for depreciation of property and for obsolescence and 
losses in respect to property sold, destroyed or abandoned." 

After reviewing the report made by Mr. John A. Beeler, spe- 
cially employed as Consulting Engineer by the Massachusetts 
Public Service Commission, and after considering studies made 
by the officials of the company, and in order to put the property 
in the best condition for economical operation, the trustees 
voted : 

"That a general depreciation credit be established in 
the sum of $167,000 for the month of July, 1918, and each 
subsequent month." 

SUBWAY RENTALS. 

The trustees upon assuming office were confronted with the 
burden which is placed upon the car rider by requiring the com- 
pany to pay the subway rentals which it now is obliged to pay 



i6 



to the City of Boston and which are charged to the car rider 
in the cost of operation. 

The trustees believe that subways are nothing more than 
highways under the surface and that the public should own all 
its highways whether on the surface or below the surface. 

It became necessary some years ago for some of the traffic 
to be removed from the surface of Tremont street, and it was 
decided that it should be the street cars that should occupy an 
underground way. The trustees believe that the public owes 
the same duty to furnish a highway for the street car rider 
that it owes the pedestrian or other traveler. Legislation has 
been sought to carry out these principles. 

The company owns the subway in Cambridge from Harvard 
Sq. to the Cambridge Bridge. The trustees have petitioned 
the legislature for authority to sell that subway to the Com- 
monwealth of Massachusetts acting in behalf of the communi- 
ties served by the railway. Such sale would furnish capital 
much needed for permanent investments which would inure 
to the benefit of the car rider and the public and secure eco- 
nomies which must work toward a reduction in fares. 

The trustees have also asked that the company be reim- 
bursed from the public treasury for the subway rentals which 
it is called upon to pay. They now approximate one and a 
half million dollars per annum. With the Cambridge Subway 
the amount would be about two million dollars. The legisla- 
tion sought means that while these rentals must be paid under 
existing contracts, the communities served by the railway 
would contribute from general taxation a sum sufficient to 
reimburse the company for the amount so paid. 



I 



/ 



OPERATIONS— JANUARY TO JUNE, 1918. 

A summary of business for the 6 months January to June, 
1918, is as follows: 

Gross revenue from operation $9>57i,935-8o 

Operating expenses 7,284,348.20 

Net revenue railway operations $2,287,587.60 

Income from lease of road .... $411.72 

Dividend income 4,590.00 

Income from funded securities . . . 4,861.75 
Income from unfunded securities and ac- 
counts 9,671.49 

Income from sinking fund and other 

reserves 16,640.00 

Miscellaneous income 814.04 30,989.00 

$2,324,576.60 

Tremont Subway rental $97,753-78 

Less 

Amount charged Bay 'State 

'St. Ry Co. ... $8,858.04 

Amount charged the Wilbur 

Theatre .... 61.60 8,919.64 

$88,834.14 

Interest on funded debt of West End St. 

Ry. Co. 497,198.74 

Dividend rental on preferred stock of 

West End St. Ry. Co., 8% per annum 256,000.00 
Dividend rental on common stock of West 

End St. Ry. Co., 7% per annum . . 491,044.75 
Organization expenses of West End St. Ry. 

Co. 4,250.00 

Dividend on stock of Somerville Horse 

R. R. Co. 4,590.00 

Taxes on West End 'St. Ry. Co. . . . 284,418.03 
Taxes on Somerville Horse R. R. . . 2,108.66 

Rent of property of Bay State St. Ry. Co. 27,553.26 
Rent of Newtonville & Watertown St. Ry. 2,982.98 

Total accruals on account of leased 
railways 1,658,980.56 

Amount carried forward $665,596.04 



i8 



Amount brought fondard 

Interest on funded debt . 
Interest on unfunded debt . 
Corporate franchise and real estate taxes 
Federal capital stock taxes . 
Federal and Mass. income taxes 
Miscellaneous tax items . 
Washington Tunnel rental 
East Boston Tunnel rental . 
East Boston Tunnel Extension rental 
Cambridge Connection rental 
Boylston Subway rental 
Dorchester Tunnel rental (2 days) 
Miscellaneous debits 
Amortization of discount on funded debt 
Net loss on Miscellaneous Physical Prop- 
erty for 6 months 

Deficit for the 6 months 



$665,596.04 



$500,393-73 

77,251.25 

142,390.35 

4,375-50 

23,827.24 

12,785.32 

i78,3i9-37 
34,779.43 
50,350.86 

35,56i.9i 
106,573.27 

2,637.41 
2,501.93 
3.90906 

2,215.67 



i 



1,237,872.30 
$572,276.26 



Volume of business for the 6 months: 

Total revenue passengers carried 185,609,883 

Decrease as compared with the corresponding 6 mos. 

of the previous year 4,551,109 

Or a decrease of about 2.39% 



OPERATIONS— JULY TO DECEMBER, 1918. 

A summary of business for the 6 months July to December, 
1918, is as follows: 



Gross revenue from operation $11,405,029.15 

Operating expenses 10.711,749.12 

Net revenue railway operations $693,280.03 

Income from lease of road .... $411.68 

Dividend income 4,590.00 

Income from funded securities . . . 1,805.25 
Income from unfunded securities and ac- 
counts 24,342.52 

Income from sinking fund and other 

reserves 16.640.00 

Miscellaneous income 94942 48.738.87 

Amount carried forward $742,018.90 



19 



Amount brought forward 

Tremont Subway rental 
Less 
Amount charged Bay State St. Ry. 



$742,018.90 



Co. 



Interest on funded debt of West End St. 

Ry. Co. 

Dividend rental on preferred stock of 

West End St. Ry. Co., 8% per annum 
Dividend rental on common stock of West 

End St. Ry. Co., 7% per annum . 
Organization expenses of West End St. Ry. 

Co 

Dividend on stock of Somerville Horse 

R. R. Co 

Taxes on West End St. Ry. Co. . 
Taxes on Somerville Horse R. R. 
Rent of property of Bay State St. Ry. Co. 
Rent of Newtonville & Watertown St. Ry. 



Total accruals on account of leased 
railways 



interest on funded debt . 
Interest on unfunded debt . 
Corporate franchise and real estate taxes 
Federal capital stock taxes . 
Federal and Mass. income taxes . 
Miscellaneous tax items . 
Washington Tunnel rental 
East Boston Tunnel rental . 
East Boston Tunnel Extension rental 
Cambridge Connection rental 
Boylston Subway rental 
Dorchester Tunnel rental 
Miscellaneous debits 
Amortization of discount on funded debt 
Net loss on Miscellaneous Physical Prop 
erty for 6 months .... 



$97,75378 
9,685.03 

$88,068.75 
514,530.01 
256,000.00 

491,04475 
4,250.00 

4,590.00 

258,225.41 

i,45i.65 

18,268.00 

3,008.64 



$560,39373 

104,118.43 

143,366.70 

2,717.00 

23,827.30 

18,022.33 

178,320.12 

41,542.27 

50,364.48 

35,562.34 

108,954.14 

236,106.06 

2,887.13 
3,90906 

6,920.36 



Dividend Rental under Special Acts of 1918: 
Preferred Stock, paid Jan. 2, 1919, 

$2.04 1/6 per share .... $61,250.00 
Common stock, paid Jan. 2, 1919, $2.50 

per share 596,985.00 



$1,639,437-21 
$897,418.81 



• 



Deficit for the 6 months 



$1,517,011.45 
$2,4U,429.7G 



658,235.00 
$8,072,664.7$ 



20 



Volume of business for the 6 months : 

Total revenue passengers carried 162,964,817 

Decrease as compared with the corresponding 6 mos. 

of the previous year 27,801,529 

Or decrease of about . . 14.57% 

We annex a full statement of the condition of the company 
for the year ending December 31, 1918, compiled by our General 
Auditor, Mr. Clarence K. Reed. 

Appended is a copy of a certificate from Price, Waterhouse & 
Company, Accountants, certifying to the correctness of the Gen- 
eral Balance Sheets, Income Statement and Profit and Loss Ac- 
count. 

For convenience, we have shown in the last part of this 
report a Combined Balance Sheet of the Boston Elevated 
Railway Company and the West End Street Railway Com- 
pany as of December 31, 1918. This was prepared by Price, 
Waterhouse & Company, Accountants. 

JAMES F. JACKSON, Chairman, 
WINTHROP COFFIN, 
STANLEY R. MILLER, 
SAMUEL L. POWERS, 
JOHN F. STEVENS, 

Trustees. 

April, 1919. 



* 



> 



22 



Boston, March 19, 1919. 

We have audited the accounts of the Boston Elevated Rail- 
way Company and of its leased company, the West End Street 
Railway Company, with which it is under contract to merge in 
June, 1922, for the twelve months' period ending December 31, 
1918. 

The road and equipment are stated at book values without 
adequate provision for depreciation prior to June 30, 1918. For 
the six months' period ending December 31, 1918, current accru- 
ing depreciation was provided at a rate which we consider suf- 
ficient. 

We have verified all securities owned by the company, these 
being stated at their cost values, which in some cases exceed 
the market values, and have verified all cash deposits and other 
current assets and satisfied ourselves that capital and other lia- 
bilities are correctly stated. 

Subject to the foregoing, we certify that in our opinion the 
attached balance sheets of the Boston Elevated Railway Com- 
pany and the consolidated balance sheet at December 31, 1918 
are properly drawn up so as to show the true financial posi- 
tion of the companies and that the relative profit and loss ac- 
count is correct. 

Price, Waterhouse & Co. 



23 



GENERAL AUDITOR'S REPORT. 



Boston, April i, 1919. 

To the Board of Trustees of the Boston Elevated Railway 
Company : 

Gentlemen, — I herewith submit the following statements of the 
business of the Company for the year ending December 31, 1918: 

A. General Balance Sheet — June 30, 1918. 

B. General Balance Sheet — December 31, 1918. 

C. Income Statement. 

D. Profit and Loss Account. 

E. Statement of the Special Trust Fund. 

F. Traffic Statistics. 

G. Mileage of Track. 
H. Equipment. 

I. Summary of Stockholders. 

Yours respectfully, 

CLARENCE K. REED, 

General Auditor. 



24 

A. 

GENERAL BALANCE SHEET. 

Assets. 
Investments: 
Road and equipment at Jan. i, 1918 $54,380,800.86 
Additions and betterments during 

the 6 months ending June 30, 1918 976,532.53 

Total $55,357,333-39 

Miscellaneous physical property (purchased from 

the West End St. Ry. Co. under Chap. 940, Acts 

191 1 > 988,748.94 

Investments in affiliated companies: 

Stocks 201,509.72 

Advances : 

West End St. Ry. Co.: 
Road and equipment ac- 
counts $55976976 

Current account 884,336.34 

Other companies — Road and 
equipment ; 102,852.11 

Total $1,546,958-21 

Other investments: 

Stocks 2,501.00 

Notes 133,450.00 

Advances 34,731-33 

Total investments $58,265,232.59 

Current Assets: 

Cash $590,465-39 

Deposits for interest, dividends and 

rents unpaid .... 359,347-75 

Special deposit of Reserve Fund, 

under Chap. 159, iSpecial Acts 1918 1,000,000.00 

Loans and notes receivable . . 5,671.10 

Miscellaneous accounts receivable 202,430.43 

Material and supplies . . . 2,506,639.41 

Interest, dividends and rents re- 
ceivable 14,222.76 

Other current assets .... 24,911.62 

Total current assets 4,703,688.46 

Deferred Assets: 
Insurance and other funds . . $835,750.00 

Total deferred assets 835,750.00 

Unadjusted Debits: 
Rents and insurance premiums paid 

in advance . ... $44,455.45 

Discount on funded debt . . . 307,061.44 

Other unadjusted debits . . . 119,122.23 

Total unadjusted debits 470,639.12 

Grand Total: $64,275,310.17 



25 

A. 

JUNE 30, 1918. 

Liabilities. 
Capital stock (common) . . . $23,879,400.00 
Installment on Preferred stock . 1,050,000.00 

Premium on capital stock . . 2,707,428.13 

Total stock $27,636,828.13 

Long-Tebm Debt: 

Funded debt unmatured . . . $26,586,000.00 

Mortgage note 125,000.00 

Non-negotiable debt to affiliated 
companies: 
Open account (West End St. 

Ry. Co.) .... 1,207,201.98 

Total long-term debt 27,918,201.98 

Current Liabilities: 

Loans and notes payable . . . $3,240,900.00 

Audited accounts and wages pay- 
able 1,884,35366 

Matured interest, dividends, and 

rents unpaid 360,553.25 

Accrued interest, dividends, and 

rents payable .... 865,046.84 

Total current liabilities 6,350,853.75 

Deferred Liabilities: 
Other deferred liabilities . . . 67,878.64 

Total deferred liabilities 67,878.64 

Unadjusted Credits : 

Tax liability $670,937.41 

Premium on funded debt . . . 12,314.96 

Insurance reserve .... 150,000.00 
Operating reserve — for injuries and 

damages 731,765.42 

Accrued depreciation, road and 

equipment 616,323.98 

Other unadjusted credits . . . 75,701.55 
Reserve for back pay — June 15th 

to 30th 117,402.98 

Total unadjusted credits .... 2,374,446.30 

Total $64,348,208.80 

Corporate Surplus: 

Profit and loss — balance (debit) . 72,898.63 

Total corporate surplus {debit) . . . 72,898.68 

Grand Total $64,275,310.17 



26 

B. 

GENERAL BALANCE SHEET. 

Assets. 
Investments: 
Road and equipment at July i, 1918 $55,357,333-39 
Additions and betterments during 

the 6 months ending Dec. 31, 1918 677,653-9& 

Total $56,034,987.37 

Miscellaneous physical property (purchased from 
the West End St. Ry. Co. under Chap. 940, Acts 

191 1 ) 946,025.57 

Investments in affiliated companies: 

Stocks 201,509.72 

Advances : 
West End St. Ry. Co.: 

Road and equipment ac- 
counts $451,878.14 

Current account . . . 884,336.34 

Other companies — road and 
equipment .... 102,852.11 

Total . . 1,439,066.59 

Other investments: 

Stocks 2,501.00 

Notes 132,850.00 

Advances . 61,393.36 



Total investments $58,818,333.61 

Cubrent Assets: 

Cash $924,941.39 

Deposits for interest, dividends and 

rents unpaid 1,003,525.00 

Special deposit of Reserve Fund, 

Chap. 159, Special Acts 1918 • 510,000.00 

Loans and notes receivable . . 5,326.75 

Miscellaneous accounts receivable 297,587.13 

Material and supplies .... 3,253,823.69 

Interest, dividends and rents re- 
ceivable 13,725.50 

Other current assets .... 15,309.09 

Total current assets 6,024,238.55 

Defebbed Assets: 

Insurance and other funds . . $835,750.00 

Total deferred assets 835,750.00 

Unadjusted Debits: 

Rents and insurance premiums paid 

in advance $68,819.87 

Discount on funded debt (net) . . 288,463.46 

Other unadjusted debits . . . 141,239.58 

Total unadjusted debits 498,522.91 

Gband Total $66,176,845.07 



< 



27 

B. 

DECEMBER 31, 1918. 
Liabilities. 
Stock : 

Preferred stock $3,000,000.00 

Common stock 23,879,400.00 

Premium on capital stock . . . 2,707,428.13 

Total stock $29,586,828.13 

Long-Term Debt: 

Funded debt unmatured . . . $26,586,000.00 

Mortgage note 125,000.00 

Non-negotiable debt to affiliated 
companies: 
Open account (West End St. 

Ry. Co.) 1,214,948.88 

-^— — — — — — 

Total long-term debt . . . . . 27,925,948.88 

Current Liabilities: 

Loans and notes payable . . . $5,143,100.00 
Audited accounts and wages payable 1,755,923.95 

Matured interest, dividends, and 

rents unpaid 1,004,730.50 

Accrued interest, dividends, and 

rents payable .... 831,507.00 

Total current liabilities .... 8,735,261.45 

Deferred Liabilities: 
Other deferred liabilities . . . $23,530.63 

Total deferred liabilities .... 23,530.63 
Unadjusted Credits : 

Tax liability $333,588.07 

Insurance reserve .... 44,172.40 
Operating reserve — for injuries and 

damages 933,762.84 

Accrued depreciation, road and 

equipment 1,506,299.56 

Other unadjusted credits . . . 233,818.65 

Total unadjusted credits .... 3,051,641.52 

Total $69,323,210.61 

Corporate Surplus: 

Profit and loss: 

Balance June 30, 1918 (debit) . 72,898.63 

Balance since June 30, 1918 

(debit) . . . . . 3,073,466.91 

Total corporate surplus (debit) . . 3,146,365.54 



Grand Total $66,176,845.07 



28 



C. 



INCOME STATEMENT. 



Operating Income: 

Railway operating revenues: 
Revenue from transportation: 

Passenger revenue 

Parlor and special car revenue .... 

Mail revenue 

Express revenue 

Miscellaneous transportation revenue . 

Total revenue from transportation 



$20,337*459-92 

14,952.19 

8i5-47 

106.707.04 

2.846.47 

$20,462,781.09 



Revenue from other railway operations: 



Station and car privileges . 
Rent of tracks and facilities 
Rent of equipment 
Rent of buildings and other 

property 

Power 

Miscellaneous . . . . 



$291,300.48 
38,822.62 
15,189.44 

62,068.74 
y2.g72.27 
32.930.31 



Total revenue from other railway 

operations 514.183 86 

Total railway operating revenues $20,976,964.95 



Railway Operating Expenses: 

For maintenance of way and struc- 
tures $2, 2)72,92,2. 21 

For maintenance of equipment . 3.142.368.70 

For power 2,604,365.66 

For conducting transportation . 7,772,434.25 

For traffic 9.167.34 

For general and miscellaneous . 2,094.829.16 

Total operating expenses . . . 17.996,097.32 

Net revenue — Railway operations . $2,980,867.63 

Taxes Assignable to Railway Operations . . . 917,515.49 

Total operating income . . . $2,063,352.14 

Amount carried forward $2. 063. 352. 14 



29 
C. 

YEAR ENDING DECEMBER 31, 1918. 
Amount brought forward $2,063,352.14 

NON-OPERATING INCOME! 

Income from lease of road . . . $823.40 

Dividend income 9,180.00 

Income from funded securities . 6,667.00 
Income from unfunded securities 

and accounts .... 34,014.01 
Income from sinking fund and other 

reserves 33,280.00 

Miscellaneous income .... 1,763.46 



Total non-operating income .... 85,727.87 



Net Loss Transferred to Debit of Profit 
and Loss 



* Includes rent for Tremont Subway, $176,902.89. 
t Rents for all other subways and tunnels. 



Gross income $2,149,080.01 

Deductions from Gross Income: 

•Rent for leased roads . . . $2,752,214.02 

fMiscellaneous rents .... 1,059,071.66 

Net loss on miscellaneous physical 

property for year. (Purchased 

from W. E. St. Ry. Co. under 

Chap. 940, Acts 191 1 ) . . . 9,136.03 

Interest on funded debt . . . 1,120,787.46 

Interest on unfunded debt . . 181,369.68 

Amortization of discount on funded 

debt 7,818.12 

Miscellaneous debits .... 5,389.06 i 



Total deductions from gross Income . . $5,135,786.03 



$2,986,706.02 



30 

D. 

PROFIT AND LOSS ACCOUNTS. 

OPERATIONS TO JUNE 30, 1918. 
Debit. 

To debit balance transferred from Income Account . $454,873.28 

Miscellaneous Debits: 
To loss due to sale of mortgage note $1,350.00 

To other Miscellaneous Debits . 5587 1,405.87 



To debit balance transferred from Income Account: 
Back Pay, June 15th to 30th, charged in December . $117402.98 

Total $573,682.13 

Credit. 

By credit balance at beginning of year .... $28,557.78 

Miscellaneous Credits: 
By amounts transferred from: 

'Fire Insurance Reserve . . $416,326.51 

Winter Expense Reserve . . 50,000.00 

Liability Insurance Reserve — 
Cambridge Subway . . . 5,899.21 472,225.72 



By debit balance 72,898.63 

Total $573,682.13 



3i 



D. 



YEAR ENDING DECEMBER 31, 1918. 

OPERATIONS SINCE JUNE 30, 1918. 

Debit. 

To debit balance transferred from Income Account 
Dividend Appropriation of Surplus: 
To Dividends on Preferred Stock, 
Paid Jan. 2, 1919 — $2.04 1/6 per 
share on 30,000 shares 
To Dividends on Common Stock. 
Paid Jan. 2, 1919 — $2.50 per share 
on 238,794 shares .... 



Miscellaneous Debits: 

To uncollectable accounts — cancelled 



$61,250.00 



506,985.00 



$2,414,429.76 



Total 



658,235.00 

802.15 
$3,073,466.91 



Credit. 



By debit balance 



$3,073466.91 



Total 



$3,073,466.91 



SUMMARY OF PROFIT AND LOSS ACCOUNTS. 



For Operations to June 30, 19 18 — debit balance 
For Operations since June 30, 1918 — debit balance 

Total (debit) December 31, 1918 



$72,898.63 
3,013,466.91 

$3,146,365.54 



32 
E. 

BOSTON ELEVATED RAILWAY COMPANY, TRUSTEE. 

STATEMENT OF SPECIAL TRUST FUND. 

DECEMBER 31, 1918. 

Principal of Trust Fund as established .... $1,500,000.00 

Accretions and accumulations of income to December 

31, 1918 401,213.33 

Total $1,901,213.33 



Investment in marketable securities and real estate $1,855*502.33 

Cash 45,711.00 



Total $1,001,213.33 



The above Trust Fund is held by the Boston Elevated Rail- 
way Company under Chapter 740, Acts of 191 1, "An Act to 
authorize the consolidation of properties and franchises of the 
Boston Elevated Railway Company and the West End Street 
Railway Company," and represents the proceeds from the sale 
to the Boston Elevated Railway Company of real estate of the 
West End St. Ry. Company, which was not required in the 
conduct of the business. The amount so received ($1,500,000) 
is to be held by the Boston Elevated Railway Company and 
invested by it and allowed to accumulate until the tenth day 
of June 1922, when the consolidation of the two companies is 
to take place. Thereafter, the annual income therefrom shall 
be applied toward the purchase and retirement of the second 
preferred stock of the Boston Elevated Company. No part of 
this fund or its income can be used for any other purpose. 



33 



F. 

TRAFFIC STATISTICS. 

YEAR ENDING DECEMBER 31, 1918. 

Round Trips. 

Run by Rapid Transit Passenger cars .... 1,204,348 

Run by Surface Passenger cars 5,403,123 

Run by Express cars, etc. 14,987 

Total 6,622,458 

Revenue Miles. 

Run by Rapid Transit Passenger cars .... 13,364,229 

Run by Surface Passenger cars 39,398,056 

Run by Express cars, etc 239,283 

Run by Sprinkler cars . 20,248 

Tot al 53,021,816 

Revenue Cab Houbs. 

By Rapid Transit Passenger cars 893,657 

By Surface Passenger cars 3,748,073 

By Express cars, etc. 23,675 

By Sprinkler cars . . 1,873 

Total 4,667,278 

Passengebs Carried. 

Revenue Passengers on Rapid Transit and Surface cars 348,664,700 



34 



G. 

MILEAGE OF TRACK. 

Total track owned by and leased from the West End St. 

Ry. Co., December 31, 1917 . . . ... 428.252 miles 

Additions for extensions during the year . . . .767 " 

Total 429.019 " 

Reduction for track taken up or transferred during 

the year 3.557 " 

Net Length of Track owned by and leased fbom 

the West End St. Ry. Co., Dec. 31, 1918 . • 425.462 " 

Leased from other companies 39.622 " 

Operated under trackage privileges 3.708 " 

Surface track on B. E. Ry. Co. property .... 22.789 " 

Total track for Surface cars 491.581 " 

Total track for Rapid Transit cars 43.281 " 

Total Tback, Dec. 31, 191 8 534.862 " 

Which is made up as follows: 

For For Rapid 

Surface Cars. Transit Cars. 

Length of main lines . . 232.171 miles 16.804 miles 

Length of second track . 197.743 " 16.580 " 
Length of sidings, carhouse 

curves, cross-overs, etc. 11. 137 " 2.951 " 

Length of track incarhouses 

and yards . . . 50.530 " 6.946 " 

Totals .. . . 491.581. " 43.281 " 

The total length of surface track in reservations is . 45. 18 " 

The total length of surface track built with heavy 

girder rail is 452.057 " 



I 



35 



G. 



DECEMBER 31, 1918. 



The total length of track In subways and tunnels used 
for surface cars Is as follows: 

Tremont Subway 5.400 miles 

East Boston Tunnel & Extension . 3,782 " 

Boylston Subway .... 3.016 " 



Total Length of Track in Sub- 
ways used for surface cars is 12.198 miles 

The total length of track in subways and tunnels used 
for rapid transit trains is as follows: 
Washington Tunnel .... 2.326 miles 

Cambridge-Dorchester Tunnel 
Cambridge Subway proper 

and incline to bridge . 4.743 miles 

Cambridge Bridge and El- 
evated Connection . . 1.029 " 
Cambridge Connection (Bea- 
con Tunnel) . . . .965 " 
Dorchester Tunnel . . 4.628 11.365 " 

Total Length of Track in 
Subways and Tunnels 
used for Rapid Transit 
Trains is 13.691 miles 

The total length of track in all Subways and Tunnels is 25.889 miles 

The total length of surface track in the Cambridge 

Subway is .723 " 

The total length of surface track in the Dorchester 

Tunnel and at Andrew Station is ... . .635 " 

The total length of track on the East Cambridge Via- 
duct and connection is 2.678 " 



36 

H. 

EQUIPMENT. 






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I. 

SUMMARY OF STOCKHOLDERS OF RECORD. 

December 31, 1918. 





COMMON. 


PREFERRED. 


State. No. 


Stockholders. Shares. No. 


Stockholders. Shares. 


Massachusetts 


5,449 . . 212,435 . . 
Other States. 


3,198 . . 27,561 


Maine . 


86 •■ • 3,263 . ■ 


43 • • 349 


New Hampshire . 


157 • 




3,i88 . . 


83 • • 


308 


Vermont 


24 . 




285 • • 


16 . • 


36 


Rhode Island 


47 • 




i,5n • ■ 


22 • 


159 


Connecticut 


77 • 




2731 • 


36 • 


333 


New York 


169 • 




8,092 • 


63 • 


832 


New Jersey . 


13 • 




181 . 


2 • 


9 


Pennsylvania 


44 • 




1,131 • 


15 ' 


54 


Maryland 


4 • 




63 • 


I 


8 


District of Columbia . 


21 




974 •■ 


10 . 


63 


Virginia 


3 • 




70 . 


3 • 


12 


West Virginia 


2 • 




8 






Georgia . 


3 • 




49 • 


1 • 


7 


Florida 


8 • 




300 • 


, 


9 


Louisiana 


1 




1 






Ohio . 


12 . 




303 • 


3 • 


12 


Indiana . 


4 ■ 




237 • 


1 


6 


Tennessee 


2 . 




11 


1 


1 


Iowa 


1 




2 






Illinois . 


27 . 




353 • 


2 


19 


Wisconsin 


5 ■ 




207 


1 


13 


Michigan 


7 ■ 




214 . 


4 • 


13 


Missouri 


5 • 




170 . 


3 • 


18 


Colorado 


6 ■ 




553 


2 • 


4 


Washington 


4 




28 . 


I • 


1 


California 


28 




962 . 


12 . 


97 


Minnesota 


6 




62 . 


I 


4 


Oklahoma 


2 




15 




South Dakota 






50 




Delaware 






10 




Alabama 






22 




South Carolina 






10 




North Carolina 






33 




Kentucky 






10 




Montana 






, 2 




Nevada . 






35 • 


1 . . 5 


New Mexico . 






10 




Alaska 






12 




Hawaii 






5 






782 


• 25,164 . 


329 . . 2,372 


Cuba 


1 




25 • 









( 



39 



I. 



British Provinces. 



Province. 


No. Stockho 1 


Quebec 


9 


Ontario . 


i 


New Brunswick 


2 


Nova Scotia . 


3 


British. Columbia 


i 


Saskatchewan 


i 



Denmark 

Scotland 

Ireland 

France 

Italy 



COMMON. 

s. Shares. 



431 
6 



13 

42 



17 



515 



European Countries. 



I . 


30 


I . 


10 


I . 


5 


6 • 


575 


2 


13 



II 



633 



PREFERRED. 

No. Stockholders. Shares. 

5 • • 54 



I 
12 



67 



Nicaragua 



Siam 



Central America. 



Asia. 



12 



10 



Recapitulation. 



Massachusetts 


5,449 


. 212,435 . 


• 3,198 • 


• 27,561 


Other States 


782 


• 25,164 • 


329 . 


• 2,372 


Cuba 


1 


25 






British Provinces 


17 


515 • 


8 . 


67 


European Countries 


11 


^33 






Central America . 


1 


12 






Asiatic Countries 


1 


10 








6,262 


238,794 


3,535 


30,000 



CONSOLIDATED 
BOSTON ELEVATED RAILWAY COMPANY 

AS OE 

(Prepared by Pria 
Assets. / 

Investments: 

Road and equipment $97,044,885.90 

Additions and betterments to West End Street Rail- 
way Company's lines made by Boston Elevated 
Railway Company (June, 1917, to December, 1918) 425,542.52 

Miscellaneous physical property (Purchased from 
West End Street Railway Company, under Chap. 
940, Acts of 1911) . . . . . . . 946,025.57 

Investments in affiliated companies: 

Stocks $201,509.72 

Advances 102,852.11 304,361.83 

Other investments: 

Stocks and notes .... $135,351.00 
Advances for additions and bet- 
terments 61.393.36 196,744.36 

Total Investments $98,917,560.18 

Current Assets: 

Cash $934,586.82 

Special deposits: 

Deposits of cash to pay interest 

and dividends 1,009,525.00 

Balance of fund provided under 
legislative enactment of 1918 to 
meet deficiencies in income . 510,000.00 

Notes receivable 5,326.75 

Accounts receivable .... 297,587.13 
Materials and supplies .... 3,253,823.69 
Interest, dividends, and rents receiv- 
able 13,725.50 

Other current assets .... 15,309.09 6,039,883.98 

Deferred Assets: (Invested Funds) 
Boston Elevated Railway Company, 
Trustee, original principal of 
trust fund under Chap. 740 of 
Legislative Acts of 1911 . . . $1,500,000.00 
Investments held for insurance, in- 
juries and damage reserves . 835,750.00 2,335,750.00 

Deferred Charges and Unadjusted Debits: 

Insurance premiums paid in advance $68,819.87 
Prepaid interest on notes payable . 77,760.66 
Payments made contractors, etc., un- 
distributed 63,478.92 210,059.45 



Total Assets $107,503,253.61 



[40] 



I 



BALANCE SHEET 

AND WEST END STREET RAILWAY COMPANY 

DECEMBER 31, 1918 

terhouse & Co., Accountants.) 



ft 



Liabilities. 
Capital Stock: 
Boston Elevated Railway Company: 

♦Freferred y% cumulative . . $3,000,000.00 

Common 23.879,400.00 $26,879,400.00 



West End Street Railway Company: 

Preferred 8% cumulative . . $6,400,000.00 

Common .... . 14.029,850.00 20,429,850.00 



Premium on common stock 4,939,905- 1 5 



Total Stock $52,249,155.15 

Loxg-Tebm Debt: 
Funded debt unmatured: 
Boston Elevated Railway Company $26,586,000.00 
West End Street Railway Company 20,416,000.00 

Mortgage note due July 2, 1920 125,000.00 47,127,000.00 



Curbent Liabilities: 

Loans and notes payable . . . $5,143,100.00 

Audited accounts and wages payable 1,755,923. 95 
Matured interest, dividends and rents 

unpaid 1,004,730.50 

Matured funded debt unpaid . . 6,000.00 

Accrued interest and rents payable 831,507.00 8,741,261.45 



Defebbed Liabilities: 23,530.63 

Unadjusted Credits: 

Tax liability $333,588.07 

Premium on funded debt (net) . . 85,971.62 

Insurance reserve 44,172.40 

Operating reserves for injuries and , 

damages 933,762.84 

Accrued depreciation — road and equip- 
ment 1,506,299.56 

Other unadjusted liabilities . . . 233,818.65 3,137,613.14 



Total Liabilities $111,278,560.37 

Deduct: 
Deficit: 
West End Street Railway Company: 
Balance at December 31, 1918, 
after adjusting inter-company 

balances $628,941.22 

Boston Elevated Railway Company: 

Balance at June 30, 1918 • . 72,898.63 

Balance for 6 months ending 

December 31, 1918 . . . 8,078,466.91 3,775,306.76 



$107,503.25361 



*NOTE.— These shares, par value $3,000,000.00, are subject to first and second 
preferred stock aggregating $20,429,850.00 to be issued by the Boston Elevated 
Railway Company upon the merger with the West End Street Railway Com- 
pany in June, 1922. 

[411 



■':. - :W : x ; 






SECOND REPORT 



OF THE 



trustees of the 

Boston Elevated Railway 

Company 



(For the Year ending December 31st) 



1919 



81 



SECOND REPORT 



OF THE 



trustees of the 

Boston Elevated Railway 

Company 



(For the Year ending December 31st) 



1919 



'81 



(Appointed by the Governor of Massachusetts, pursuant to Chapter 159 of the 

Special Acts of 1918.) 

JAMES F. JACKSON, 
Chairman, 

WINTHROP COFFIN SAMUEL L. POWERS 

STANLEY R. MILLER, JOHN F. STEVENS 

Secretary. 



<§f&tt ra of tlf* (Eorptitntxcn 

(Appointed by the Trustees.) 
HENRY L. WILSON Treasurer 

CHARLES B. GLEASON , Clerk 



(grating BtpnttmtntB 

EDWARD DANA General Manager 

H. BERTRAM POTTER .... Asst. General Manager 

EDWARD MAHLER Purchasing Agent 

CLARENCE E. LEARNED .... Supt. of Inspection 

JAMES SMITH Supt. of Transportation 

FREDERICK S. FREEMAN Supt. of Power 

JOHN LINDALL .... Supt. of Rolling Stock and Shops 
HARRY M. STEWARD .... Supt. of Maintenance 



<#tff*r S*$rarlm*ntB 

JOHN H. MORAN General Auditor 



LAW DEPARTMENT 

H. WARE BARNUM General Counsel 

RUSSELL A. SEARS . . . .General Claims Attorney 
CHARLES B. GLEASON Attorney 

DANIEL L. PRENDERGAST . . . Real Estate Agent 



Simtura 



MATTHEW C. BRUSH, Chairman 
WILLIAM A. BANCROFT. 
JOHN J. BRIGHT. 
SAMUEL CARR. 
CHARLES S. DAVIS. 

SYDNEY HARWOOD. 
HENRY S. LYONS. 
JAMES M. PRENDERGAST. 
FRANK W. REMICK. 
JAMES L. RICHARDS. 
ROBERT WINSOR. 



REPORT OF THE BOARD OF TRUSTEES. 



The trustees of the Boston Elevated Railway Company re- 
spectfully submit their second annual report covering a full 
yearly period. 

In view of recent public discussion and the comprehensive re- 
port of the Street Railway Commission with reference to 1 the 
conditions and needs of this railway, it has seemed appropriate 
that the preliminary general statement be brief. 

The public control act (chapter 159 of the Special Acts of 
19 18) expressly imposed upon the trustees two distinct duties. 
The first was that of establishing the service upon a self-support- 
ing basis. Under private management the 5-cent fare had utterly 
failed to produce sufficient revenue to pay operating expenses and 
fixed charges. In consequence the railway property which came 
into the hands of the trustees was in many departments much the 
worse for lack of maintenance and in a condition unfit for effi- 
cient operation. 

Successive changes in fare were made to obtain receipts that 
would meet expenses. In August, 1918, the 5-cent fare was 
changed to a 7-cent fare, which in December, 19 18, gave way to 
an 8-cent fare. The receipts from the 8-cent fare, after a trial 
of seven months, also proved inadequate, so that the results of 
operation for the year ending on the 30th of June, 1919, showed 
a total deficit of $4,980,151.67. In accordance with the terms of 
the statute this amount was provided for by applying the $1,000,- 



IO 

ooo reserve fund and assessing upon the cities and towns served 
by the railway company the balance as required by the provisions 
of the public control act, the transaction in effect being a loan 
that must be repaid and not a permanent contribution to the cost 
of the service. The deficit of that year had really exceeded the 
amount named and paid by $435,348.46, which additional loss 
resulted from the retroactive character of the wage award in 
July adding this sum to the wages which had been paid in May 
and June. On the tenth of July, 19 19, the fare was made 10 
cents. Owing to strikes and other extraordinary conditions oper- 
ating losses continued until the middle of September, since which 
time the 10-cent fare has produced revenue in excess of expendi- 
tures. This surplus on the thirty-first of December, 19 19, had 
reduced the deficits incurred in July, August and September, 
aggregating $928,694.85, to $459,007.54. including the back pay. 
In forecasting the amount of excess in revenue over expendi- 
tures for the balance of the year allowance must be made for 
the favorable traffic conditions that always prevail in October, 
November and December. However, the trustees believe that 

receipts will continue to exceed expenditures, and that on the 
thirtieth of June, 1920, all losses will have been absorbed and 
no deficit exist to be assessed upon cities and towns. This state- 
ment is subject, of course, to the happening of events not reason- 
ably to be anticipated. As the law now stands there can be no 
lower fare until the cities and towns have been reimbursed for 
the amounts paid to meet past deficits and the reserve fund of 
$1,000,000 has been restored. 

The second duty imposed upon the trustees was that of bring- 
ing the railway to" a condition suitable for efficient operation. 
With insufficient receipts to meet expenses, and without capita) 



II 

available for permanent additions and improvements, the task 
of bettering the service has been difficult. However, a beginning 
has been made under a program of improvement which can be 
completed only in a series of years. The changes thus far made 
are featured in the purchase of modern cars, in replacement and 
addition to former equipment, the completion of certain through 
lines, the lengthening of tunnel trains, with introduction of two 
and three car trains on surface lines, larger and more frequent 
rapid transit service. In the budget of the coming year improve- 
ments have been authorized that will cost approximately $5,700,- 
000. What is of the utmost importance, full provision is now 
being made for maintenance and depreciation. 

The sale of the Cambridge subway, authorized at the recent 
special session of the Legislature, when carried into effect will 
make available for capital expenditures $7,868,000. It goes with- 
out saying that a business-like administration is as essential to suc- 
cess in the conduct of a public service as it is in the conduct of 
private affairs. Therefore none but a prudent use of the pro- 
ceeds of this sale, which for the time being afford the 
only source of capital, could be justified. Such use will secure 
important improvements with resulting economies and tend to 
re-establish the credit so vital to the development of railway 
facilities. 

The trustees reiterate their belief that car riders ought not to 
be subject to a special tax for using public highways either 
through payment of subway rentals or assessment for street im- 
provements. The Street Railway Commission recommended 
changes in the law to relieve them from this burden. The ques- 
tion is between the car rider and the taxpayer, and is one for 
legislative decision in determining what is a proper service at 
cost. 



12 



A summary of business for the year, is as follows : 

Gross revenue from operation $29,404,591.59 

Operating expenses 23,700,339.41 

Net revenue railway operations . $5,704,252.18 

Income from lease of road .... $823.40 

Dividend income 9,180.00 

Income from funded securities . . . 6,289-50 
Income from unfunded securities and ac- 
counts 42,853.06 

Income from sinking fund and other 

reserves 33,280.00 

Miscellaneous income 1,565.27 93,991.23 



$5,798,243.41 



Tremont Subway rental .... $195,507.56 
Less 
Amount charged Eastern 

Mass. St. Ry. Co . . $18,900.85 
Amount charged the Wil- 
bur Theatre . . . 61.60 18,962.45 

$176,545-11 



Interest on funded debt of West End St. 

Ry. Co. $997,954-99 

Dividend rental on preferred stock of 

West End St. Ry. Co., 8% per annum 512,000.00 
Dividend rental on common stock of West 

End St. Ry. Co., 7% per annum . . 982,089.50 
Interest on notes payable .... 40,348.45 

Organization expenses of West End St. 

Ry. Co. 8,500-00 

Dividend on stock of Somerville Horse 

R. R. Co 9,180.00 

Taxes on West End St. Ry. Co. . . . 636,283.32 
Taxes on Somerville Horse R. R . . 3,831.33 

Rent of property of Eastern Mass. St. 

Ry. Co 42,526,17 

Rent of Newtonville & Watertown St. Ry. 6,087.82 

Total accruals on account of leased 
railways 3,415,346.69 



Amount carried forward $2,382,896.72 



13 



Amount Drought forward 
Interest on funded debt 

Interest on unfunded debt . 
Corporate franchise and real estate taxes 
Federal capital stock taxes . 
Federal and Mass. income taxes 
Miscellaneous tax items 
Washington Tunnel rental . 
East Boston Tunnel rental . 
East Boston Tunnel Extension rental 
Cambridge Connection rental . 
Boylston Subway rental 
Dorchester Tunnel rental 
Miscellaneous debits 
Amortization of discount on funded debt 
Net loss on Miscellaneous Physical Prop- 
erty 



$1,309,477-08 

246,312.98 

389,508.87 

9,088.50 

6,480.84 

309.50 

356,640.24 

107,878.11 

100,809-74 

71,124.68 

229,189.99 

473,859.14 

8,070.37 

44,290.46 

7,986.10 



$2,382,896.72 



3,361,026.60 



Deficit for the year 



Volume of business for the year: 



Total revenue passengers carried .... 
Decrease as compared with the corresponding year 
Or a decrease of about 



$978,129-88 



.--: *&*#&**» «*«^-^t-a^ 



324,758,685 

28,906,015 
6-86% 



We annex a full statement of the condition of the company 
for the year ending December 31, 1919, compiled by our General 
Auditor, Mr. John H. Moran. 

Appended is a copy of a certificate from Patterson, Teele & 
Dennis, Accountants, certifying to the correctness of the Gen- 
eral Balance Sheet, Income Statement and Profit and Loss Ac- 
count. 

JAMES F. JACKSON, Chairman, 
WINTHROP COFFIN, 
STANLEY R. MILLER, 
SAMUEL L. POWERS, 
JOHN F. STEVENS, 

Trustees. 
Jan. 31, 1920. 



Boston, March 19, 1920. 



Mr. James F. Jackson, Chairman,. 

Mr. Winthrop Coffin, / _, ' 

,, c -n Tv/r ( Boston E 

Mr. Stanley R. Miller, > „ ., 

,, t t» ( Kailway Company. 

Mr. Samuel L. Powers, I D ^ __ r ^ 



Boston Elevated 
Railway Comp 
Boston, Mass. 



Mr. John F. Stevens, 
Sirs: 

We have examined the accounts of the Boston Elevated Rail- 
way Company for the year ending December 31, 1919, and we 
report upon the Company's financial statements for the year, pre- 
sented herewith, as follows : 

Road and Equipment are shown at book values without ade- 
quate provision for depreciation prior to June 30, 1918, but, in 
our opinion, the depreciation provided for the year under review, 
in pursuance of the plan for depreciation reserves thereafter 
adopted by the Trustees, is adequate. 

The securities owned by the Company were produced for our 
inspection and are carried at cost values which, in some cases, 
exceed the market values. We have verified the current assets 
as shown by the books, and have satisfied ourselves that the 
liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing com- 
ments, the accompanying Balance Sheet is in accordance with 
the books and correctly states the financial condition of the Bos- 
ton Elevated Railway Company at December 31, 19 19; and that 
the operating results for the year 19 19 are fairly presented in the 
accompanying Income and Profit and Loss Statements. 

Respectfully submitted, 

Patterson, Teele and Dennis, 
Accountants and Auditors. 



GENERAL AUDITOR'S REPORT. 



Boston, March 15, 1920. 

To the Board of Trustees of the Boston Elevated Railway 
Company : 

Gentlemen, — I herewith submit the following statements of the 
business of the Company for the year ending December 31, 1919: 

A. General Balance Sheet. 

B. Income Statement. 

C. Profit and Loss Account. 

D. Statement of the Special Trust Fund. 

E. Traffic Statistics. 

F. Mileage of Track. 

G. Equipment. 

H. Summary of Stockholders. 

Yours respectfully, 

JOHN H. MORAN, 

General Auditor. 



i6 



A. 

GENERAL BALANCE SHEET. 

Assets 
Investments: 

Road and equipment at Jan. i, 1919 $56,034,987.37 
Additions and betterments during 
the year ending Dec. 31, 1919 . 968,870.14 

Tota l $57,003,857-51 

Miscellaneous physical property (purchased from 

the West End St. Ry. Co. under Chap. 940, Acts 

191 1 ) • • • • 922,880.16 

Investments in affiliated companies: 

Stocks 201,509.72 

Advances : 
West End St. Ry. Co.: 

Road and equipment ac- 
counts .... $3,104,020.95 
Current account . . . 884.336.34 
Other companies — Road and 

equipment .... 102,852.11 

Total 4.091,209.40 

Other investments: 

Stocks 2,501.00 

Notes 108,150.00 

Advances 91,643.11 

Total investments $62,421,750.90 

Cuebent Assets: 

Cash . $i,956,935-89 

Deposits for interest, dividends 

and rents unpaid .... 753,283.04 
Loans and notes receivable . . 15565 
Miscellaneous accounts receivable 343,674.96 
Material and supplies . . . 2,892,779.42 
Interest, dividends and rents re- 
ceivable 17,316.38 

Other current assets .... 41,705.33 

Total current assets 6,005,850.67 

Deferred Assets: 

Insurance and other funds . . ^806,976.67 

Total deferred, assets 806,976-67 

Unadjusted Debits: 

Rents and insurance premiums paid 

in advance $321,528.77 

Discount on funded debt . . . 358,04.8.22 

Other unadjusted debits . . . 233,924.93 

Cost of service deficit for 12 months 

ending June 30, 1919, as provided 

for by Reserve Fund, Chap. 159, 

Acts of 1918 1,000,000.00 

Cost of service deficit for 12 months 

ending June 30, 1919, as provided 

for by Com. of Mass., Chap. 159, 

Acts of 1918 ..... 3,080,151.67 

Total unadjusted debits .... 5.893-653-59 

Grand Total $75,128231.81 



/ 



A. 

DECEMBER 31, 1919. 

Liabilities. 
Capital stock (common) . . . $23,879,400.00 
Capital stock (preferred) . . . 3,000,000.00 

Premium on capital stock . . . 2,707,428.13 

Total stock $29,586,828.13 

Long-Tebm Debt 

Funded debt unmatured . . . $29,586,000.00 

Mortgage note 125,000.00 

Non-negotiable debt to affiliated 
companies: 

Open account (West End St. 
Ry. Co.) .... 1,214,948.88 

Total long-term debt 30,925,948.88 

Cubbent Liabilities: 
Loans and notes payable . . . $3,908,842.75 
Audited accounts and wages pay- 
able 2,211,876.65 

Matured interest, dividends, and 

rents unpaid 754,488.54 

Accrued interest, dividends, and 

rents payable 890,516.54 

Total current liabilities .... 7,765,724.48 

Defebbed Liabilities: 
Other deferred liabilities . . . 36,491.33 

Total deferred liabilities .... 36,491.33 

Unadjusted Cbedits: 

Tax liability $333,4*1-63 

Insurance reserve .... 42,811. 29 

Operating reserve — for injuries and 

damages 1,009,563.20 

Accrued depreciation, road and 

equipment 1,842,576.61 

Other unadjusted credits . . . 120,515.41 

Amount advanced by Comm. of 
Mass. under Chap. 159, Acts of 
1918, acct. deficit in cost of serv- 
ice for 12 mos. ending June 30, 
1919 3,980,151.67 

Total unadjusted credits .... 7,329,029.81 

Total $75,644,022.65 

Cobpobate Stjbplus: 

Profit and loss — balance (debit) . 515,790-80 

Total corporate surplus (debit) . . 515,790-80 

Gband Total $75,128,231,83 



i8 



B. 



INCOME STATEMENT. 



Operating Income: 

Railway operating revenues: 
Revenue from transportation: 

Passenger revenue 

Parlor and special car revenue .... 
Mail revenue . . . . . 
Express revenue . . . . 

Miscellaneous transportation revenue . 

Total revenue from transportation . 

Revenue from other railway operations: 

Station and car privileges . . $293,871.62 

Rent of tracks and facilities . 41,477.20 

Rent of equipment . . . 5,209.45 
Rent of buildings and other 

property 82,514.36 

Power 46,34933 

Miscellaneous . . . . 74,898.45 

Total revenue from other railway 
operations 

Total railway operating revenues 

Railway Operating Expenses: 

For maintenance of way and struc- 
tures .... . $3,783,715.35 
For maintenance of equipment . 4,290,039.81 

For power 2,980,658.59 

For conducting transportation . 10,530,882.29 

For traffic 4,758-03 

For general and miscellaneous . 2,110,285.34 

Total operating expenses .... 

Net revenue — Railway operations 

Taxes Assignable to Railway Operations 

Total operating income .... 
Amount carried forward ... . . 



$28,752,675.38 

14,868.73 

722.24 

89,002.98 

3,001.85 

$28,860,271.18 



544,320.41 
$29,404,591-59 



23,700,339-41 
$5,704,252.18 

1,045,502.36 
$4,658,749-82 
$4,658,749-82 



19 
B. 

YEAR ENDING DECEMBER 31, 1919. 

Amount drought forward $4,658,749.82 

Non-operating Income: 

Income from lease of road . . $823.40 

Dividend income .... 9,180.00 

Income from funded securities . 6,289.50 
Income from unfunded securities 

and accounts 42,853.06 

Income from sinking fund and other 

reserves 33,280.00 

Miscellaneous income . . . 1,565.27 

Total non-operating income . . . 93,991-23 

Gross income $4,752,741.05 

Deductions from Gross Income: 

♦Rent for leased roads . . . $2,775,232.04 

fMiscellaneous rents .... 1,339,501.90 

Net loss on miscellaneous physical 

property for year. (Purchased 

from W. E. St. Ry. Co. under 

Chap. 940, Acts 191 1 ) . . . 7,986.10 

Interest on funded debt . . . 1,309,477.08 

Interest on unfunded debt . . 246,312.98 

Amortization of discount on funded 

debt 44,290.46 

Miscellaneous debits .... 8,070.37 

Total deductions from gross income . . $5,730,870.93 



Net Loss Transferred to Debit of Profit 

and Loss $978,129-88 



♦Includes rent for Tremont Subway, $176,545.11. 
t Rents for all other subways and tunnels. 



20 

c. 

PROFIT AND LOSS ACCOUNTS. 

APPLYING TO OPERATIONS TO JUNE 30, 1918 

Debit 

To debit balance at beginning of year .... $72,898.63 

To uncollectable accounts — can- 
celled $3,478.22 

To uncollectable balance due on 
note — cancelled .... 4,822.10 

To charge off value of part of the 
original installation of track re- 
moved from East Boston tunnel 3,217.64 

To legal services in connection with 
suit arising out of collision of 
S/S "Everett" 2,000.00 

To charge off difference between the 
estimated value placed upon 
scrap and the amount actually re- 
ceived in the disposition of 
equipment of Somerville and 
Medford Gas Engine Stations . 9,097-97 22,615.93 

Total $95,514-56 



Credit 

By refund in settlement of our claim 

of 1914 U. S'. Excess Income Tax . $1,54573 

By amount recovered for loss of serv- 
ices of S/S "Everett" resulting 
from collision 25,000-00 

By amount recovered as compensation 
for operation of Squantum service 
for period Jan. 1 to June 30, 1918 • 12,185.57 38,731.30 

By debit balance 56,783.26 

Total $95,514-56 



21 

c. 

YEAR ENDING DECEMBER 31, 1919. 

APPLYING TO OPERATIONS SINCE JUNE 30, 1918 

Debit 
To debit balance at beginning of year .... $3,073,466.91 

To debit balance transferred from Income Account . 978,129.88 

To dividends on Preferred Stock: 
$3.50 per share on 30,000 shares, 

paid July 1, 1919 .... $105,000.00 

$3-50 per share on 30,000 shares, ] / 

paid Jan. 1, 1920 .... 105,000.00 ; , 

To dividends on Common Stock: 
$1.25 per share on 238,794 shares, 

paid April 1, 1919 .... 298,492.50 

$1.25 per share on 238,794 shares, 

paid July 1, 1919 .... 298,492.50 

$1.25 per share on 238,794 shares, 

paid Oct. 1, 1919 .... 298,492.50 

$1.25 per share on 238,794 shares, 
paid Jan. 2, 1920 .... 298,492.50 1,403,970.00 

To cancellation of sundry bills in ad- 
justment of charge for heating 
Harvard College Dormitories for 
period Sept., 1918, to June, 1919 . $37,223.17 

To uncollectable accounts — cancelled 1,277.76 38.500.93 



Total $5,494,067.72 



Credit 
By amount recovered as compensation for operation 
of Squantum service for period July 1, 1918, to Dec. 

3i, 1918 $24,465.34 

By amount received in adjustment of 

charge for heating Harvard College 

Dormitories for period July, 1918, 

to June, 1919 . . . . $23,829.77 

By amount transferred from Reserve 

for Back Pay under National "War 

Labor Board Award of 1918 . • 6,613.40 30,443.17 



By cost of Service Deficit for 12 months ending June 

30, 1919, as provided for by Reserve Fund, Chap. 

159, Acts of 1918 1,000,000.00 

By cost of Service Deficit for 12 months ending June 

30, 1919, as provided for by Comm. of Mass., Chap. 

159, Acts of 1918 3,980,151.67 

By debit balance g 459,007.54 

Total $5,494,067.72 



SUMMARY OF PROFIT AND LOSS ACCOUNTS 
For operations to June 30, 1918 (debit balance) . $56,783-26 

For operations since June 30, 1918 (debit balance) . U59,007-5U 

Total (debit) December 31, 1919 . . $515,790-80 



22 

D. 

BOSTON ELEVATED RAILWAY COMPANY, TRUSTEE. 

STATEMENT OF SPECIAL TRUST FUND 

DECEMBER 31, 1919 

Principal of Trust Fund as established . . . $1,500,000.00 

Accretions and accumulations of income to December 

3i, 1919 474,226.17 

Total $1,974,226.17 



Investment in marketable securities and real estate . $1,901,827.28 

Cash 72,398.89 

Total $1,974,226.17 



The above Trust Fund is held by the Boston Elevated Rail- 
way Company under Chapter 740, Acts of 191 1, "An Act to 
authorize the consolidation of properties and franchises of the 
Boston Elevated Railway Company and the West End Street 
Railway Company," and represents the proceeds from the sale 
to the Boston Elevated Railway Company of real estate of the 
West End St. Ry. Company, which was not required in the 
conduct of the business. The amount so received ($1,500,000) 
is to be held by the Boston Elevated Railway Company and in- 
vested by it and allowed to accumulate until the tenth day of 
June 1922, when the consolidation of the two companies is to 
take place. Thereafter, the annual income therefrom shall be 
applied toward the purchase and retirement of the second pre- 
ferred stock of the Boston Elevated Company. No part ot this 
fund or its income can be used for any other purpose. 



23 

E. 

TRAFFIC STATISTICS. 

YEAR ENDING DECEMBER 31, 1919 

Round Trips 

Run by Rapid Transit Passenger cars .... 1,226,099 

Run by Surface Passenger cars 5, 35 1,970 

Run by Express cars, etc. 10,157 

Total 6,588,226 

Revenue Miles 

Run by Rapid Transit Passenger cars .... 14,139.619 

Run by Surface Passenger cars 39,393,903 

Run by Express cars, etc. 175,020 

Run by Sprinkler cars 12,707 

Tota l 53,721,249 

Revenue Car Hours 

By Rapid Transit Passenger cars 978,591 

By Surface Passenger cars 3,770,727 

By Express cars, etc. 16,765 

By Sprinkler cars 1,017 

Total . . • 4,767,100 

Passengers Carried 

Revenue Passengers on Rapid Transit and Surface 

cars 324.758,685 



24 



F. 



MILEAGE OF TRACK. 

Total track owned by and leased from the West End 
St. Ry. Co., December 31, 1918 .... 

Additions for extensions during the year 

Total 

Reduction for track taken up or transferred during 
the year 

Net Length of Track owned by and leased from 
The West End Street Ry. Co., Dec. 31, 1919 . 

Leased from other companies 

Operated under trackage privileges 

Surface track on B. E. Ry. Co. property 

Total track for Surface cars 

Total track for Rapid Transit cars 

Total Track, Dec. 31, 1919 

Which is made up as follows: 

For For Rapid 
Surface Cars Transit Cars 
Length of main lines . 231.616 miles 16.804 miles 
Length of second track . 197.558 " 16.580 " 
Length of sidings, car- 
house curves, cross- 
overs, etc. . . . 10.913 " 3.045 
Length of track in car- 
houses and yards . . 51.864 " 6.946 " 

Totals . . . 49I-95I " 43-375 

The total length of surface track in reservations is . 
The total length of surface track built with heavy 
girder rail is 



425,462 
2.085 


miles 


427,547 

1.656 


«< 
<< 


425,891 

39-247 

3.708 

23.105 


<< 
«« 
<< 


491.951 
43.375 


« 
«< 



535-326 



45.18 
452.933 



F. 



DECEMBER 31, 1919. 



The total length of track in subways and tunnels used 
for surface cars is as follows: 
Tremont Subway .... 5.400 miles 
East Boston Tunnel and Extension 3.782 " 
Boylston Subway .... 3.016 " 



Total Length of Track in Sub- 
ways used for surface cars is 12.198 miles 
The total length of track in subways and tunnels used 
for rapid transit trains is as follows: 
Washington Tunnel .... 2.326 miles 
Cambridge-Dorchester Tunnel 
Cambridge Subway proper 

and incline to bridge . 4.743 miles 

Cambridge Bridge and El- 
evated Connection . . 1.029 " 
Cambridge Connection (Bea- 
con Tunnel) . . .965 " 
Dorchester Tunnel . . 4.628 11.365 " 

Total Length of Track in 
Subways and Tunnels 
used for Rapid Transit 
Trains is 13.691 miles 



The total length of track in all Subways and Tunnels is 25.889 miles 

The total length of surface track in the Cambridge 

Subway is . .723 " 

The total length of surface track in the Dorchester 

Tunnel and at Andrew Station is .635 " 

The total length of track on the East Cambridge Via- 
duct and connection is 2.678 " 



26 



G. 



EQUIPMENT. 



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DECEMBER 31, 1919. 



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28 

H. 

SUMMARY OF STOCKHOLDERS OF RECORD. 



December 31, 1919 





COMMON. 


PREFERRED. 


State. No 


. Stockholders. Shares. Nc 


>. Stockholders. Shares. 


Massachusetts 


5,256 . • 213,676 . 
Other States 


. 3,138 . • 27,319 


Maine . . . . 


87 • • 3,301 . 


41 . . 342 


New Hampshire . 


151 • 




2,972 • 


83 • 




325 


Vermont . 


24 . 




302 . 


10 . 




29 


Rhode Island . 


46 . 




1,460 • 


26 . 




191 


Connecticut 


67 • 




2,350 • 


30 . 




309 


New York . 


171 . 




7,626 . 


72 . 




863 


New Jersey . . 


16 . 




213 • 


I 




7 


Pennsylvania 


46 ■ 




1,040 • 


15 




66 


Maryland . . . 


4 • 




63 • 


I 




8 


District of Columbia 


21 




792 . 


10 




65 


Virginia . 


3 ■ 




7o • 


3 




12 


"West Virginia . . 


2 • 




8 








Georgia . 


5 ■ 




62 . 


1 




7 


Florida 


9 • 




305 • 


2 




12 


Louisiana 


1 . 




1 








Ohio .... 


13 ■ 




369 • 


4 




62 


Indiana 


2 ■ 




65 • 


1 




6 


Tennessee 


2 • 




11 . 


1 




1 


Iowa .... 


1 . 




2 . 


1 




30 


Illinois 


24 




397 • 


4 




54 


Wisconsin 


7 




118 . 


1 




13 


Michigan 


7 




176 • 


5 




43 


Missouri 


5 




160 . 


3 




18 


Colorado 


4 




523 • 


1 




2 


Washington 


7 




45 ■ 


1 




1 


California 


33 




1,056 • 


15 




122 


Minnesota 


7 • 




77 ■ 


1 




4 


Oklahoma . . 


3 • 




25 




South Dakota . 


1 




50 




Delaware 


2 . 




17 




Alabama 


2 . 




22 




South Carolina 


1 




10 




North Carolina 


3 




66 




Kentucky . . 


1 • 




10 




Montana 


1 




2 




North Dakota . . 


1 . 




10 




Kansas 








1 . . 2 


Arizona 


1 




130 . 


1 . . 14 


Texas 


3 
784 




30 • 


T 




3 




23,936 • 


336 


2.61 1 


Cuba 


1 




25 




Mexico 


1 




10 









35 







29 














H. 












British Peovinces 










COMMON. 




PREFERRED 




Province No. Stockhc 
Quebec .... 8 
Ontario .... 2 
New Brunswick . 2 
Nova Scotia ... 3 
British Columbia . 2 
Saskatchewan . . 1 
Prince Edward Island 1 


>lders. 


Shares. 

371 
26 

13 
42 

8 
15 

5 


No. Stockholders. i 
6 . • 

2 . 


Shares. 
55 

12 




19 




480 


8 


67 



European Countries 



England . . 


2 


10 


Denmark 


1 


30 


Ireland . . 


1 . 


5 


Prance 


5 ■ 


525 


Italy . . . . 


1 . 


10 


Belgium . . . 


1 


50 




11 


. . 630 



Nicaragua 



Central America 
1 . 12 



China 



Asia 



Recapitulation 



Massachusetts 
Other States 
Cuba .... 
Mexico . . . . 


5,256 • 

784 • 
1 
1 . 


. 213,676 . 
23,936 . 
25 
10 


• 3,138 • 
336 ■ 


• 27,319 
2,611 


British Provinces 
European Countries . 
Central America 


19 . 
11 
1 


480 • 
630 . 
12 


8 . 
2 . 


67 
3 


Asiatic Countries 


1 


25 
238,794 








6,074 


3,484 


30,000 



THIRD REPORT 



OF THE 



trustees of the 

Boston Elevated Railway 
Company 



(For the Year ending December 31st) 

1920 



>81 



THIRD REPORT 



OF THE 



trustees of the 

Boston Elevated Railway 
Company 



(For the Year ending December 31st) 

1920 



u^sg |p| pii£k) 8 1 



l&onvb nf Qtatatwa 

(Appointed by the Governor of Massachusetts, pursuant to Chapter 159 of the 

Special Acts of 1918.) 

JAMES F. JACKSON, 
Chairman. 

WINTHROP COFFIN. 

STANLEY R. MILLER, 
Secretary. 

SAMUEL L. POWERS. 
JOHN F. STEVENS. 



EDWARD DANA General Manager 

H. BERTRAM POTTER . . . Asst. General Manager 

JAMES SMITH .' Supt. of Transportation 

JOHN LINDALL . . Supt. of Rolling Stock and Shops 
HARRY M. STEWARD .... Supt. of Maintenance 

FREDERICK S. FREEMAN Supt. of Power 

EDWARD MAHLER Purchasing Agent 

CLARENCE E. LEARNED . . . Supt. of Inspection 



HENRY L. WILSON Treasurer 

CHARLES B. GLEASON . . . Clerk of the Corporation 

JOHN H. MORAN General Auditor 

H. WARE BARNUM General Counsel 

RUSSELL A. SEARS .... General Claims Attorney 



MATTHEW C. BRUSH, Chairman. 
WILLIAM A. BANCROFT, 
(i) JOHN J. BRIGHT. 
SAMUEL CARR. 

(2) CHARLES S. DAVIS. 
SYDNEY HARWOOD. 
HENRY S. LYONS. 

(3) JAMES M. PRENDERGAST. 
FRANK W. REMICK. 
JAMES L. RICHARDS. 
ROBERT WINSOR. 



(1.) Died January 6, 192 1. 

(2) Died September 11, 1920. 

(3) Died November 29, 1920. 



REPORT OF THE BOARD OF TRUSTEES 



The Trustees of the Boston Elevated Railway Company 
respectfully submit a report of the result of operation by the 
Company during the calendar year 1920. 

FINANCIAL CONDITION. 

The financial condition on December 31, 1920, and the re- 
sults of operation during 1920 and the entire period of public 
control are set forth in statements appended to this report. 

.For the twelve months ending December 31, 1920, the cost 
of service exceeded receipts by $346,951.84, while during the 
preceding twelve months the cost of service had exceeded 
receipts by $2,366,494.45. 

The second year of operation under public control closed on 
June 30, 1920. The revenue in that year exceeded the expense 
of operation by $17,079.95. This surplus does not take into 
account the $435,348.46 paid in October, 1919, under a retro- 
active wage award applicable to the previous May and June. 
This amount would have been included in the assessment in 
July, 1 9 19, against the cities and towns served by the railway 
had it been known in season for that assessment. Should this 
item properly be included in the cost of service for the year 
ending on June 30, 1920, there would still have been no deficit 
for that year under the budget system which had been adopted 
in accordance with a practice approved by the Department of 



10 

Public Utilities. Under that system the total expenditure for 
the year for maintenance of way, structures and equipment is 
estimated at the beginning of the year and charged propor- 
tionately to each month. When actual expenditures in any 
month exceed the allotted amount the excess is carried in re- 
serve account to be offset by the credit arising during any 
other month in which less than the allotted amount is ex- 
pended. At the end of the fiscal year the accounts are adjusted 
and show actual expenditures. On June 30, 1920, in accord- 
ance with this procedure, $418,343.98 had been charged to 
equalization and credited to operating expense. This amount, 
coupled with the surplus of $17,079.95, would set off the item 
°f $435 >348.46 for back wages, and leave a credit balance on 
June 30, 1920, of $75.47. 

Cost of service during the last six months of the year ex- 
ceeded receipts by $387,690.87, and did not permit absorption 
of the $418,343.98 above referred to as charged to Equalization 
on June 30th. Therefore on December 31st after crediting the 
small credit balance of June 30th, there remained $805,959.38, 
which it is confidently expected can be absorbed during the 
first six months of 1921. 

OPERATING COSTS. 
Operation in 1920 has faced extraordinary costs in abnormal 
expenses for removal of snow, advance in wages and higher 
prices of coal and materials. The abnormal snowfall of last 
winter cost more than the combined snowfalls of the preceding 
nine years. The direct expense attributable to removal of 
snow was $600,000; the indirect cost of the storms from added 
expense in maintenance of equipment and from loss of revenue 
increased this amount to approximately $1,000,000. 



II 

The wage agreement with the Carmen's Union expired on 
the first of May, and in the absence of agreement as to future 
wages the issue was left to arbitration. The employees were 
awarded an increase of 16^3 per cent. The present schedule is 
effective until July 1, 1921. Other agreements with craft 
organizations have expired, and have been renewed with some 
advance in wages. 

The abnormal rise in price of coal has been most disturbing. 
The average cost of coal in 1919 at the power stations in Bos- 
ton was $5.90 a ton; in October, 1920, the average cost had 
risen to $13.82 a ton; some coal has cost over $20 a ton. The 
meaning of this is apparent when it is remembered that be- 
tween 250,000 and 300,000 tons of coal are consumed each 
year. Fortunately, the decline in price now makes it sure 
that the cost for the next six months will be much less than 
it was in the past six months. 

Steel, cement and other materials, too, have advanced in 
price. Lower prices have as yet affected transportation but 
little, but are bound to be felt in the near future. Meanwhile 
necessity has compelled the maintenance in stock of a reason- 
able amount of the material that is daily needed in operating 
the railway. 

The item expended for taxes has been larger than that of 
the preceding year by about $200,000. 



12 

RECEIPTS AND ECONOMIES. 

To offset additional expenses there have been some in- 
creases in net revenue, in part from increased riding and in 
part from the inauguration of economies. 

The growth of travel is shown in the following compilation 
of revenue passengers carried : 





Week Day 


Saturday 


Sunday 


Holiday 


Total for 


Year 


Average 


Average 


Average 


Average 


Year 


t9i5 


992,283 


1,140,046 


685,726 


846,860 


352,469,586 


1916 


. 1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1917 


1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1918 


985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1919 


934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1920 


960,737 


1,072,319 


591,063 


703,634 


335,526,561 



It was inevitable that higher fares, though increasing reve- 
nue, would cut down riding. The record verifies this expec- 
tation, but shows no such reduction in the number of persons 
using street cars as to suggest that the railway is not fulfilling 
the purpose of its existence in furnishing a cheap method of 
transportation for the multitude of people. 

The figures given in the table show not only the effect of a 
higher fare, but the effect of the rapid growth in the use of 
the automobile. It will be noted that while there were be- 
tween ten and eleven million more passengers carried in 1920 
than in 1919, there were 600,000 fewer passengers carried upon 
Saturdays, Sundays and holidays. The explanation is that 
upon the days last named the automobile is in more general use as 
a substitute for the street car. Even upon the days of ordi- 
nary business no one observing the multitude of automobiles 
that choke the streets leading to the business center of Boston 
in the morning and at night can fail to appreciate the serious 
nature of the competition between that form of transportation 
and the street railway. 



13 

Again, a substantial economy has resulted from the elimina- 
tion without impairment of service of much unprofitable 
mileage, although increased accommodation has been provided 
where the traffic is heavy, and though 10,767,876 more pas- 
sengers were carried in 1920 than in 1919, the mileage was 
less by 2,295,995 miles. The revenue per car mile was in- 
creased from 53.74 to 64.61 cents, and the number of revenue 
passengers per car mile from 6.066 to 6.548. 

Though the arbitration award of last June advanced wages 
16^ per cent., a rearrangement of working hours and condi- 
tions was effected which benefited all concerned and secured 
a large saving in labor costs. All employees are guaranteed 
an eight-hour day. Men not having schedule runs are re- 
quired to be available for duty during eight-hour periods, and 
to perform within their eight-hour periods such work as may 
be assigned to them. 

An important factor contributing to the net increase in 
earnings was the operation of additional three-car trains and 
one-man cars. 

The total number of employees on the pay rolls of the year 
as compared with the record of the previous year is shown in 
the following tabulation : 

Week ending 1920 1919 Decrease 

January 16 9,584 9,772 188 

February 20 9,605 10,046 441 

March 12 9,903 10,165 262 

April 16 9,889 10,750 861 

May 21 9,712 11,263 1,551 

June 25 9,868 n,378 1,510 

July 23 10,099 10,636 537 

August 20 9,908 10,687 779 

September 26 9,824 10,478 654 

October 22 9,704 10,094 390 

November 19 9,490 10,062 572 

December 17 9,250 9,739 489 



14 

The high cost of coal has in a measure been offset by- 
economies in use of power. Coasting recorders, a device to 
lecord the mileage covered while cars are operated without 
brakes and without power, have been introduced with good 
results. Previous to their installation this could only be esti- 
mated, and so estimated represented about 12 per cent, of the 
running time. The percentage where recorders have been in- 
stalled shows that the average coasting today approximates 
25 per cent, of the running time. It is estimated that when 
the entire system is so equipped an economy of more than 
$100,000 a year will be secured. The following tabulation 
shows the quantity of coal burned in 1920 as compared with 
that burned in the previous year: 

Date 1919 1Q20 

Tons Tons 

January 28,020 33,874 

February 24,990 26,045 

March 26,440 24,838 

April 24,396 ^1,073 

May 22,778 17,999 

June 20,775 16,426 

July 18,088 16,693 

August 20,817 16,617 

September 20,609 17,226 

October 23,886 18,953 

November 26,131 22,955 

December 30,740 25,386 

Totals . . ' • • • • 287,670 258,085 

The number of pounds of coal consumed to generate 1 

kilowatt in 1920 was 2.346 as compared with 2.835 m I 9 I 9- 

Motorization of emergency, wire and wrecking service has 

been completed during the year. Motor trucks have been 

assigned to the several departments to save time in handling 

material and supplies. The introduction of motors has made 

it possible to consolidate stables and to dispense with vehicles 

and horses at an estimated annual saving of $85,000, 






*5 

Reference to the economies which have been named cannot 
be made with propriety without recognition of the fact that 
they would have been impossible but for the ability and re- 
sourcefulness of our general manager, the fidelity of chiefs of 
departments, and the endeavors of the men who worked in 
co-operation with them in the effort to keep expenses within 
the limits of revenue. The value of this team work in the 
struggle to meet the mounting costs of operation has been 
appreciated by the trustees. 

ACCIDENTS. 
The total cost of injuries and damages settled for during 
the year was $640,165.04, as compared with $701,907.28 during 
the previous year. 9390 accidents of the six leading classes in 
connection with operation were reported during the year. The 
average for the preceding three years was 10,777. 

IMPROVEMENTS IN SERVICE. 

The stern necessity for practicing every economy which 
does not injure the service in order to prevent deficits to be 
met from general taxation has made it difficult, in some cases 
impossible, to carry out in full the improvements which had 
been planned for this year in connection with the five-year 
program for betterment of the service. Material progress, 
however, has been made, and certain features of it may be 
mentioned. 

Seventeen miles of track have been reconstructed; 81 one- 
man cars of the most approved pattern have been purchased 
and put in commission; 105 additional center-entrance cars 
have been purchased and are to be delivered in 1921 ; 65 new 
steel cars have been bought to replace cars upon the elevated 



i6 

structure, and are to arrive in the summer; four-car trains 
are now running through the rush hours in the Cambridge 
subway and Dorchester tunnel ; a new car house and new 
lobby have been constructed at Fields Corner; three addi- 
tional rotary converters have been bought for the equipment 
of substations connected with the power plant; a substantial 
number of machines for efficiency in maintenance of track and 
equipment have been purchased; and large preliminary ex- 
penditures have been made for the extension of yard facilities 
at Forest Hills and the construction of much-needed repair 
shops in Everett. 

Each of the last-named improvements when completed will 
materially increase the efficiency of the service and permit 
important economies. They represent adequate provision for 
requirements that have been long neglected, with resultant 
delays in travel and waste of revenue. Their importance is 
such that legislation is sought to make it possible to secure 
them. 

REAL ESTATE PURCHASES AND SALES. 

During the year four estates have been purchased for im- 
provements at the Gerrish Avenue terminal, and fourteen 
estates for improvements at the Forest Hills terminal ; there 
have been three cases of taking for the Everett Extension, 
and two claims for street changes have been settled. Diligent 
effort has been made to sell real estate not needed for railway 
purposes whenever a fair price can be secured. Negotiations 
have been conducted for the sale of twenty-nine parcels, and 
nine parcels have been sold for an aggregate of $95,631.26. 
Agreements have been made under which it is expected that 



i7 

four additional parcels will be sold for a total of $209,000, and 
negotiations are progressing for the sale of additional parcels. 

SUBWAYS AND TUNNELS. 

It is expected that the Arlington Street station of the 
Boylston Street subway will be ready for use in June. The 
opening of this new door in what is essentially the street rail- 
way terminal of our metropolitan center will contribute 
directly to the better distribution of traffic, and indirectly 
encourage a desirable extension of the congested business 
district. 

The trustees are considering a change in conditions at the 
East Boston end of the East Boston tunnel for the proper 
accommodation of the people of that part of Boston and of 
outlying districts. The change suggested is the depression 
of the tunnel at Maverick Square, with suitable provision for 
transfer from the tunnel trains to the surface lines that con- 
nect with Chelsea, Orient Heights and Jeffries Point. 

If the recommendation presented to the Legislature in the 
recent report of the Department of Public Utilities, for the 
larger undertaking which involves the extension of this tunnel 
to Central Square, should receive legislative approval this 
depression of the tunnel would be an incident of it. If that 
project is not favored or is postponed the depression of the 
tunnel at Maverick Square can be made without waste or 
interference with any future extension of the tunnel. 

FARES. 

The answer to any inquiry as to the outlook for a lower fare 
is obvious. There is no prospect of any immediate reduction 
from 10 cents as the basic flat fare. 



i8 

While conditions have not permitted and will not soon per- 
mit a change in the basic io-cent fare, experiments have been 
made with a five-cent service without transfer on lines where 
the run is short, and where there is little competition with the 
io-cent lines, there being under such conditions no substantial 
invasion of revenue. The establishment of such a line be- 
tween City Point in South Boston and the South Station has 
been followed by a similar service between Sullivan Square 
in Charlestown and Hanover Street in Boston. 

The question of zone fares furnishes a topic of constantly 
recurring discussion. Suggestions of one kind and another 
about such fares are given careful consideration. Some modi- 
fication of the present system of flat fares with a view to a 
rate more nearly proportionate to the length of ride is not 
improbable when conditions are such as to warrant it. Mean- 
while experiment elsewhere with zone systems has not been 
encouraging. One reason may be that in order to establish 
some general theory these experiments have been inaugurated 
with an immediate and disrupting revolution in the accus- 
tomed order of things. Be that as it may, recent experiments 
with zone systems, now in Pennsylvania, then in New Jersey, 
again in Connecticut and elsewhere, have not given satisfac- 
tion. 

It is improbable that the flat fare upon this system will give 
way in the near future to any radical change through the 
substitution of mileage rates. Whatever may come to pass 
will be due to independent applications of the rule that fits 
the charge for riding to specific conditions when this can be 
done without unjust discrimination and without the elimina- 
tion of the reasonable advantages so long enjoyed under the 



19 

flat fare. No experiments of this kind, however, will be put 
into execution without seasonable notice to those interested. 

In this connection it should be noted that there has been 
a continuing advance in street railway fares all over the 
country. There are now 48 cities with a 10-cent rate. Of the 
cities still retaining a 5-cent rate only four have a population 
of more than 100,000, and two of these are facing immediate 
increases. The general advance has been rapid, and the trend 
continues everywhere toward 10 cents as a level. It is signifi- 
cant that the situation is the same whether the railway is in 
private hands, or there is, as in Cleveland, service at cost with 
large measure of public control, or, as in other cities, com- 
plete municipal ownership and management. 

The occasion for the advance in fares on street railways is 
not alone the greater cost of labor, materials and supplies, but 
as well a radical change in policy with reference to provision 
for depreciation. It is now generally admitted that no sane 
management would fail to set aside from current receipts a 
sufficient amount to meet renewal and replacement of prop- 
erty that is wearing out day by day. The practice of main- 
taining these properties by hand to mouth methods has 
proved disastrous and is being abandoned. 



20 

CAMBRIDGE SUBWAY PROCEEDS. 

The proceeds received from the sale of the Cambridge Sub- 
way amounted to $7,868,000. The disposition of this money 
was made subject in the statute to the approval of the Depart- 
ment of Public Utilities. The Board of Trustees petitioned 
the Department of Public Utilities for authority to apply this 
sum toward the following expenditures : 

For the payment of Boston Elevated Railway Company 

bonds maturing March 1, 1920 $1,500,000.00 

For the payment of West End St. Railway Company 

bonds due Aug. 1, 1919 1,581,000.00 

For the payment of West End St. Railway Company 

notes due Feb. i, 1920 375,000.00 

For the payment of additions and improvements to the 

Boston Elevated Railway Company's property . . 269,754.79 

For the payment of permanent additions to the West 

End Street Railway Company's property . . . 2,708,446.52 

For proposed improvements to the property of the Bos- 
ton Elevated Railway Company 2,500,000.00 

(a) Forest Hills Extension $500,000.00 

(b) Everett shops 500,000.00 

(c) Power plant additions 1,500,000.00 
For the payment of West End St. Railway Company 

bonds maturing Aug. 1, 1920 1,581,000.00 

After a hearing, the Department of Public Utilities directed 
the application of the fund to the following purposes : 

For the payment of Boston Elevated Railway Company 

bonds due March i } 1920 $1,500,000.00 

For the payment of West End St. Railway Company 

bonds due Aug. 1, 1919 1,581,000.00 

For the payment of West End St. Railway Company 

notes due Feb. 1, 1920 375,000.00 

For the payment of West End St. Railway Company 

bonds due Aug. 1, 1920 1,581,000.00 

For the payment of permanent additions to West End 

St. Railway Company property 1,561,245.21 

For the payment of additions and improvements to 

Boston Elevated Railway Company property . . 269,75479 

Appropriated for Forest Hills terminal yard and Everett 

shops 1,000,000.00 

$7,868,000.00 



21 

The company's offices during this year have been estab- 
lished at 108 Massachusetts Avenue, Boston, with a resulting 
saving of office expense and greater convenience of arrange- 
ment. 

We annex a Certificate of Patterson, Teele and Dennis, 
Accountants, certifying to the correctness of the General 
Balance Sheet, Income Statement and Profit and Loss 
Account. 

JAMES F. JACKSON. 
WINTHROP COFFIN. 
STANLEY R. MILLER. 
SAMUEL L. POWERS. 
JOHN F. STEVENS. 

March 15, 1921. 



Boston, March 21, 1921. 



Trustees, 
Boston Elevated 
Raihvay Company, 
Boston, Mass. 



Mr. James F. Jackson, Chairman, 
Mr. Winthrop Coffin, 
Mr. Stanley R. Miller, 
Mr. Samuel L. Powers, 
Mr. John F. Stevens, 

Sirs: 

We have examined the accounts of the Boston Elevated Rail- 
way Company for the year ending December 31, 1920, and we 
report upon the Company's financial statements for the year, 
presented herewith, as follows: 

Road and Equipment are shown at book values without 
adequate provision for depreciation prior to June 30, 19 18, but, 
in our opinion, the depreciation provided for the year under 
review, in pursuance of the plan for depreciation reserves there- 
after adopted by the Trustees, is adequate. 

The securities owned by the Company were produced for our 
inspection and are carried at cost values which, in some cases, 
exceed the market values. We have verified the current assets 
as shown by the books, and have satisfied ourselves that the 
liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing 
comments, the accompanying Balance Sheet is in accordance with 
the books and correctly states the financial condition of the Bos- 
ton Elevated Railway Company at December 31, 1920; and that 
the operating results for the year 1920 are fairly presented in 
the accompanying Income and Profit and Loss Statements. 

Respectfully submitted, 

Patterson, Teele and Dennis, 
Accountants and Auditors. 



24 



GENERAL BALANCE SHEET. 



Debits. 


Dec. 31, 1920. 


Dec. 31, 1919. Dec. 31. 1918. 


Dec. 31, 1917. 


Investments. 










Road and equipment at beginning 










of year ..... 


$57,003,857.51 


$58,034,987.37 


$54,380,800.86 


$51,640,201.40 


Additions and betterments during 










the year ..... 


1,092,038.63 


968,870.14 


1,654,186.51 


2,740,539.4!) 


Total 


$58,095,896.14 


$57,003,857.51 


$56,034,987.37 


$54,380,800.86 


Cambridge Subway sold to Com- 










monwealth of Massachusetts 


7,868,000.00 


— 


— 


— 


Total 


$50,227,896.14 


$57,003,857.51 


$56,034,987.37 


$54,380,800.86 


Miscellaneous physical property 










(purchased from the West End 










St. Ry. Co. under Chap. 940, 










Acts of 1911) .... 


$864,186.40 


$922,880.16 


$946,025.57 


$988,311.10 


Investments in affiliated companies : 










Stocks 


201,509.72 


201,509.72 


201,509.72 


201,509.72 


Notes ...... 


4,848,245.21 


— 


— 


— 


Advances : 










West End St. Ry Co.: 










Road and equipment accounts 


1,562,414.49 


3,104,020.95 


451,878.14 


788,776.66 


Current account 


884,336.34 


884,336.34 


884,336.34 


884,336.34 


Other companies, road and 










equipment . . . 


102,852.11 


102,852.11 


102,852.11 


102,852.11 


Total investments in affiliated 




' 






companies .... 


$7,599,357.87 


$4,292,719.12 


$1,640,576.31 


$1,977,474.83 


Other investments: 










Stocks ...... 


2,501.00 


2,501.00 


2,501.00 


2,501.00 


Notes 


91,400.00 


108,150.00 


132,850.00 


210,650.00 


Advances ..... 


84,764.62 


91,643.11 


61,393.36 


41,036.19 


Total investments 


$58,870,106.03 


$62,421,750.90 1 $58,818,333.61 


$57,600,773.98 



Continued on page 26. 



25 



GENERAL BALANCE SHEET. 



Credits. 


Dec. 31, 1920. 


Dec. 31, 1919. 


Dec. 31, 1918. 


Dec. 31, 1917. 


Capital stock (common) 




$23,879,400.00 


$23,879,400.00 


$23,879,400.00 


$23,879,400.00 


Capital stock (preferred) 


• 


3,000,000.00 


3,000,000.00 


3,000,000.00 


— 


Premium on capital stock 


• 


2,707,428.13 


2,707,428.13 


2,707,428.13 


2,707,428.13 


Total stock 


$29,586,828.13 


$29,586,828.13 


$29,586,828.13 


$26,586,828.13 


Long Term Debt. 












Funded debt unmatured . 


. 


$28,086,000.00 


$29,586,000.00 


$26,586,000.00 


$26,586,000.00 


Mortgage note 




125,000.00 


125,000.00 


125,000.00 


125,000.00 


Non-negotiable debt to affiliated 
companies: 










Open account (West End S 
Railway Company) . 


treet 


1,214,948.88 


1,214,948.88 


1,214,948.88 


1,209,415.38 


Total long term debt 


$29,425,948.88 


$36,925,948.88 


$27,925,948.88 


$27,920,415.38 


Current Liabilities. 












Loans and notes payable 




$3,029,672.74 


$3,908,842.75 


$5,143,100.00 


$2,900,000.00 


Audited accounts and wages payable 


2,229,714.66 


2,211,876.65 


1,755,923.95 


1,592,312.87 


Matured interest, dividends, 
rents unpaid 


and 


789,640.07 


754,488.54 


1,004,730.50 


345,603.75 


Accrued interest, dividends, 
rents payable 


and 


, 861.808.32 


890,516.54 


831,507.00 


806,587.78 


Total current liabilities 


$6,910,835.79 


$7,765,724.48 


$8,735,261.45 


$5,644,504.40 



Continued on page 27. 



26 



GENERAL BALANCE SHEET— Concluded. 



Debits. 


Dec. 31, 1920. 


Dec. 31, 1919. 


Dec. 31, 1918. 


Dec. 31, 1917. 


Current Assets. 










Cash 


$2,038,490.62 


$1,956,935.89 


$924,941.39 


$1,005,157.42 


Deposits for interest, dividends 
and rents unpaid 


788,434.57 


753,283.04 


1,003,525.00 


344,398.25 


Special deposit of reserve fund, 
under chapter 159, Special Acts 
of 1918 






510,000.00 




Loans and notes receivable 


1.00 


155.65 


5,326.75 


5,002.47 


Miscellaneous accounts receivable 


376,746.97 


343,674.96 


297,587.13 


140,209.16 


Material and supplies 


3,687,118.20 


2,892,779.42 


3,253,823.69 


2,225,997.47 


Interest, dividends and rents re- 
ceivable ..... 


26,410.07 


17,316.38 


13,725.50 


6,427.14 


Other current assets 


33,480.52 


41,705.33 


15,309.09 


24,884.97 


Total current assets 


$6,950,681.95 


$6,005,850.67 


$6,024,238.55 


$3,752,078.88 


Deferred Assets. 










Insurance and other funds 


$802,550.00 


$806,976.67 


$835,750.00 


$835,750.00 


Unadjusted Debits. 










Rents and insurance premiums paid 
ia advance .... 


$227,195.73 


$321,528.77 


$68,819.87 


$145,993.64 


Discount on funded debt 


323,187.84 


358,048.22 


288,463.46 


313,344.46 


Other unadjusted debits 


253,690.19 


233,924.93 


141,239.58 


81 ,023.49 


Cost of service deficit for 12 months 
ending June 30, 1919, as pro- 
vided for by reserve fund, 
chapter 159, Acts of 1918 


1,000,000.00 


1,000,000.00 






Cost of service deficit for 12 months 
ending June 30, 1919, as pro- 
vided for by Commonwealth of 
Massachusetts, chapter 159, Acts 
of 1918 


3,980,151.67 


3,980,151.67 






Total unadjusted debits 


$5,784,225.43 


$5,893,653.59 


$498,522.91 


$540,361.59 


GRAND TOTAL . 


$72,407,563.41 


$75,128,231.83 


$66,176,845.07 


$62,728,962.45 



27 



GENERAL BALANCE SHEET — Concluded. 



Credits. 


Dec. 31, 1920. 


Dec. 31, 1919. 


Dec. 31, 1918. 


Dec. 31, 1917. 


Deferred Liabilities. 










Other deferred liabilities 


$53,159.31 


$36,491.33 


$23,530.63 


$34,531.49 


Unadjusted Credits. 










Tax liability 


$397,731.37 


$333,411.63 


$333,588.07 


$333,418.63 


Premium on funded debt 


— 


— 


-— 


12,314.96 


Insurance and casualty reserves . 


40,382.59 


42,811.29 


44,172.40 


572,225.72 


Operating reserve, for injuries and 










damages 


988,684.73 


1,009,563.20 


933,762.84 


728,511.73 


Accrued depreciation, road and 










equipment .... 


1,880,997.55 


1,842,576.61 


1,506,299.56 


741,326.09 


Other unadjusted credits 


133,531.38 


120,515.41 


233,818.65 


76,328.14 


Amount advanced by Common- 










wealth of Massachusetts under 










chapter 159, Acts of 1918, ac- 










count deficit in cost of service 










for 12 months ending June 










30, 1919 . . . . 


3,980,151.67 


3,980,151.67 


— « 


— 


Total unadjusted credits 


$7,421,479.29 


$7,329,029.81 


$3,051,641.52 


$2,464,125.27 


Total 


$73,398,251.40 


$75,644,022.63 


$69,323,210.61 


$62,650,404.67 


Corporate Surplus. 










Profit and loss: 










Previous to June 30, 1918 . 


$184,728.61 * 


$56,783.26 * 


$72,898.63 * 


$78,557.78 


Since June 30, 1918 . 


805,959.38 " 


459,007.54 * 


3,073,466.91 « 


— 


Total corporate surplus 


$990,687.99 1 


$515,790.80 1 


$3,146,365.54 » 


$78,557.78 


GRAND TOTAL . 


$72,407,563.41 


$75,128,231.83 


$66,176,845.07 


$62,728,962.45 



1 Credit. 



2& 

GENERAL BALANCE SHEET. 

The fiscal year of the Board of Trustees as fixed by statute ends on June 
30th. The condition of the company on that date is therefore set forth in 
this Balance Sheet. 



Debits. 


June 30, 1920. 


June 30, 1919. 


June 30, 1918. 


Investments. 
Road and equipment: 








Way and structures ...... 


$33,162,696.28 


$40,790,728.96 


$40,379,026.31 


Equipment . . . . . . . 


5,404,040.70 


5,321,733.31 


4,873,148.76 


Power ......... 


9,060,009.10 


8,875,084.12 


8,558,469.48 


General and miscellaneous ..... 


1,721,244.99 


1,692,402.49 


1,546,688.84 


Total road and equipment 


$49,347,991.07 


$56,679,948.88 


$55,357,333.39 


Miscellaneous physical property ..... 


$896,568.29 


$922,880.16 


$988,748.94 


Investments in affiliated companies: 








Stocks 


201,509.72 


201,509.72 


201,509.72 


Notes 


1,581,000.00 


— 


— 


Advances : 








West End Street Railway Company, road and 
equipment ........ 


1,251,856.69 


1,029,235.65 


536,492.72 


West End Street Railway Company, suspense road 
and equipment ....... 


23,277.04 


23,277.04 


23,277.04 


West End Street Railway Company, current account 
Other companies, road and equipment 


884,336.34 
102,852.11 


884,336.34 
102,852.11 


884,336.34 
102,852.11 


Total investments in affiliated companies 


$4,044,831.90 


$2,241,210.86 


$1,748,467.93 


Other Investments: 








Stocks ......... 


$2,501.00 


$2,501.00 


$2,501.00 


Notes 


107,150.00 


132,250.00 


133,450.00 


Advances, road and equipment: 








Eastern Massachusetts Street Railway Co. . 


56,807.62 


44,957.42 


5,654.29 


Newtonville and Watertown St. Railway Co. 


34,835.49 


34,857.40 


29,077.04 


Total other investments ...... 


$201,294.11 


$214,565.82 


$170,682.33 


Total investments 


$54,490,685.37 


$60,058,605.72 


$58,265,232.59 


Current Assets. 
Cash 


$5,498,821.96 


$1,928,079.39 


$590,465.39 


Special deposits : 








Deposits for interest, dividends and rents unpaid 


761,913.25 


767,484.71 


359,347.75 


Special deposit of reserve fund .... 


— 


— 


1,000,000.00 


Total special deposits 


$761,913.25 


$707,484.71 


$1,359,347.75 


Loans and notes receivable ...... 


5,001.00 


311.65 


5,671.10 


Miscellaneous accounts receivable ..... 


322,172.55 


357,681.91 


202,430.43 


Material and supplies . 


2,936,896.09 


2,812,270.16 


2,506,639.41 


Interest, dividends and rents receivable .... 


14,351.50 


13,541.58 


14,222.76 


Other currents assets ....... 


34,615.81 


20,096.48 


24,911.62 


Total current assets ...... 


$9,573,772.16 


$5,899,465.88 


$4,703,688.46 



Continued on page 30. 



29 



GENERAL BALANCE SHEET. 



Credits. 



Stock. 
Capital stock: 

Common stock ....... 

Receipts outstanding for installments paid . 

Preferred stock ....... 

Total capital stock ...... 

Premium on capital stock ...... 

Total stock ........ 

Long Term Debt. 
Funded debt unmatured: 

Miscellaneous Obligations : 

4 per cent. 30 yr. debenture bondF, due May 1, 1935 
4% per cent. 30 yr. debenture bonds, due Oct. 1, 1937 
4% per cent. 30 yr. debenture bonds, due Nov. 1, 1941 

5 per cent. 30 yr. debenture bonds, due Dec. 1, 1942 

6 per cent. 5 yr. debenture bonds, due Mar. 1, 1924 
6 per cent. 1 yr. debenture bonds, due Mar. 1, 1920 

Total bonds 

Mortgage notes . . . . . . . . 

Total funded debt unmatured . . . . 
Non-negotiable debt to affiliated companies: 

Open accounts not subject to current settlement: 
West End Street Railway Company, lease account 
West End Street Railway Co., cash suspense acct. 

Total non-negotiable debt to affiliated companies 

Total long term debt 

Current Liabilities. 

Loans and notes payable 

Audited accounts and wages payable . 

Matured interest, dividends and rents unpaid . 

Accrued interest, dividends and rents payable: 

Accrued interest on funded debt (Boston Elevated 
Railway Company) 

Accrued interest on loans and notes payable 

Accrued 'rents, leased roads, West End Street Rail 
way Company 

Accrued rents, leased roads, other companies 

Accrued rents, subway and tunnels (except Tre 
ment subway) 

Accrued interest on subscriptions to preferred stock 
Accrued interest on unpaid taxes 

Total accrued interest, dividends and rents 
payable . . . 

Total current liabilities 



June 30, 1920. 



$23,879,400.00 



3,000,000.00 



$26,879,400.00 

2,707,428.13 



$29,586,828.13 



$8,500,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
1,500,000.00 



June 30, 1919. 



$23,879,400.00 



3,000,000.00 



$26,879,400.00 

2,707,428.13 



$29,586,828.13 



$8,500,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
1,500,000.00 
1,500,000.00 



$28,086,000.00 

125,000.00 



$28,211,000.00 

$1,207,201.98 
7,746.90 



$1,214,948.88 
$29,425,948,88 

$2,800,000.00 

1,209,731.91 

763,118.75 

215,660.42 
1,283.34 

569,072.37 
52,801.44 

153,428.76 



$992,246.33 



$5,765,096.99 



$29,588,000.00 

125,000.00 



$29,711,000.00 

$1,207,201.98 
7,746.90 



$1,214,948.88 
$30,925,948.88 

$4,619,278.95 

2,913,768.46 

768,690.21 

245,660.42 
1,690.78 

602,009.87 
9,847.14 

72,440.90 



June 30, 1918. 



$23,879,400.00 
1,050,000.00 



$24,929,400.00 

2,707,428.13 



$27,636,828.13 



$8,500,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 



$26,586,000.00 

125,000.00 



$26,711,000.00 



$1,207,201.98 



$931,649.11 



$9,233,386.73 



$1,207,201.98 
$27,918,201.98 

$3,240,900.00 

1,884,353.66 

360,553.25 



185,660.42 
856.99 

588,428.62 
11,738.82 

55,674.02 

2,677.11 

20,010.86 



$865,046.84 



,350,853.75 



Continued on page 31. 



30 



GENERAL BALANCE SHEET — Concluded 



Debits. 


June 30, 1920. 


June 30, 1919. 


June 30, 1918. 


Deferred Assets. 








Insurance and other funds 


$802,550.00 


$835,750.00 


$835,750.00 


Total deferred assets ...... 


$802,550.00 


$835,750.00 


$835,750.00 


Unadjusted Debits. 








Rents and insurance premiums paid in advance . 


$846,321.75 


$357,344.50 


$44,455.45 


Discount on funded debt (net) 


838,921.88 


883,959.16 


307,061.44 


Cost of service deficit for 12 months ending June 30, 








1919, as provided for by reserve fund, chapter 159, 








Acts of 1918 


1.000,000.00 


1,000,000.00 




Cost of service deficit for 12 months ending June 30, 








1919, as provided for by Commonwealth of Massa- 








chusetts, chapter 159, Acts of 1918 .... 


3,980,151.67 


3,980,151.67 






257,631.84 


193,120.36 


119,122.23 


Total other unadjusted debits .... 


$5,237,783.51 


$5,173,272.03 


$119,122.23 


Total unadjusted debits 


$5,923,027.14 


$5,914,575.69 


$470,639.12 


GRAND TOTAL 


$70,790,034.67 


$72,708,397.29 


$64,275,310.17 



3i 



GENERAL BALANCE SHEET — Concluded. 



Credits. 


June 30, 1920. 


June 30, 1919. 


June 30, 1918. 


Deferred Liabilities. 








Other deferred liabilities 


$46,608.75 


$27,712.62 


$67,878.64 


Total deferred liabilities .... 


$46,608.75 


$27,712.62 


$67,878.64 


Unadjusted Credits. 










$771,234.38 


$747,026.74 


$670,937.41 


Premium on funded debt ...... 


— 


— 


12,314.96 


Insurance and casualty reserves: 








Insurance reserve 


$41,144.98 


$44,172.40 


$150,000.00 


Total insurance and casualty reserves . 


841,144.98 


$44,172.40 


$150,000.00 


Operating reserves: 








Injury and damage reserve 


$933,886.78 


$956,421.63 


$731,765.42 


Equalization of operating expenses . 


418,343.98 1 


— 




Total operating reserves ..... 


$515,542.80 


$956,421.63 


$731,765.42 


Accrued depreciation — road and equipment 


$426,431.19 


$1,066,993.50 


$616,323.98 


Other unadjusted credits: 








Outstanding tickets and checks 


$79,563.19 


$74,196.41 


$40,581.63 


Other unadjusted credits 


226,123.81 


129,648.16 


35,119.92 


Amount advanced by Commonwealth of Massachu- 








setts under chapter 159, Acts of 1918, account deficit 








in cost of service for 12 months ending June 30, 1919 


3,980,151.67 


— 


— 


Total other unadjusted credits .... 


$4,285,838.67 


$203,844.57 


$75,701.55 


Total unadjusted credits ...... 


$6,040,192.02 


$3,018,458.84 


$2,257,043.32 


Corporate Surplus. 








Profit and loss, balance June 30, 1918 


$74,715.57 i 


$83,937.91 » 


$44,504.35 


Profit and loss, balance since June 30, 1918 


75.47 


— 


— 


Total corporate surplus 


$74,640.10 * 


$83,937.91 » 


$44,604.35 


GRAND TOTAL 


$70,790,034.67 


$72,708,397.29 


$64,275,810.17 



1 Credit. 



32 



INCOME STATEMENT. 





12 Months 
endiner 

Dec. 31, 1920. 

i 


12 Months 

ending 

Dec. 31, 1919. 


12 Months 

ending 

Dec. 31, 1918. 


12 Months 

ending 

Dec. 31, 1917. 


Operating Income. 










Passenger revenue .... 


$33,096,703.69 


$28,752,675.38 


$20,337,459.92 


$19,008,052.05 


Special car revenue .... 


12,182.79 


14,868.73 


14,952.19 


22,888.57 


Mail revenue ..... 


737.10 


722.24 


815.47 


1,010.75 


Express revenue . . ... 


88,657.99 


89,002.98 


106,707.04 


108,757.27 


Miscellaneous transportation rev- 
enue ...... 


4,383.17 


3,001.85 


2,846.47 


1,794.95 


Total revenue from transpor- 
tation . . . . . 


$33, 202, 724. 74 


$28,860,271.18 


$20,462,781.09 


$19,142,533.59 


Station and car privileges 


$300,228.32 


$293,871.62 


$291,300.48 


$286,783.54 


Rent of tracks and facilities . 


39,059.11 


41,477.20 


38,822.62 


49,434.03 


Rent of equipment .... 


1,644.27 


5,209.45 


15,189.44 


7,006.04 


Rent of buildings and other property 


100,499.45 


82,514.36 


62,968.74 


60,839.24 


Power ...... 


92,192.00 


46,349.33 


72,972.27 


51,129.75 


Miscellaneous ..... 


14,514.61 


74,898.45 


32,930.31 


133,149.77 


Total revenue from other rail- 
way operations 


$548,137.76 


$544,320.41 


$514,183.86 


$591,342.37 


Total railway operating rev- 
enues ..... 


$33,750,862.50 


$29,404,591.59 


$20,976,964.95 


$19,733,875.96 


Railway operating expenses: 










Way and structures 


$3,226,275.11 


$3,783,715.35 


$2,372,932.21 


$1,778,174.71 


Equipment .... 


4,033,850.42 


4,290,039.81 


3,142,368.70 


1,609,862.81 


Power ..... 


4,508,991.90 


2,980,658.59 


2,604,365.66 


1,681,939.90 


Conducting transportation 


11,524,823.18 


10,530,8S2.29 


7,772,434.25 


6,522,360.05 


Traffic 


3,357.91 


4,758.03 


9,167.34 


6,405.37 


General and miscellaneous . 


2,411,823.59 


2,110,285.34 


2,094,829.16 


1,918,381.38 



Total railway operating ex- 
penses . 

Per cent, of operating expenses to 
operating revenues 

Per cent, of operating expenses to 
operating and non-operating in- 
come ...... 

Net revenue, railway operations . 
Taxes assignable to railway oper- 
ations 

Operating income . . . . 



$25,769,122.11 $23,700,339.41 $17,996,097.32 



76.35 

75.72 
$7,981,740.39 

$1,142,987.28 
$6,838,753.11 



80.60 

80.34 
$5,704,252.18 

$1,045,502.36 
$4,658,749.82 



85.79 

, 85.44 
$2,980,867.63 

$917,515.49 
$2,063,352.14 



$13,547,124.28 

68.65 

68.36 
$6,186,751.68 

$884,623.01 
$5,302,128.67 



33 



INCOME STATEMENT — Conducted. 





12 Months 
ending 
Dec. 31, 1920. 


12 Months 

en din a, - 

Dec. 31, 1919. 


12 Months 

ending 

Dec. 31, 1918. 


12 Months 

ending 

Dec. 31, 1917. 


Non-Operating Income. 










Income from lease of road 


$823.40 


$823.40 


$823.40 


$823.40 


Dividend income .... 


9,180.00 


9,180.00 


9,180.00 


9,180.00 


Income from funded securities 


6,350.89 


6,289.50 


6,667.00 


23,121.73 


Income from unfunded securities 










and accounts .... 


233,379.60 


42,853.06 


34,014.01 


16,460.47 


Income from sinking fund and 
other reserves .... 


28,853.33 


33,280.00 


33,280.00 


33,280.00 


Miscellaneous income 


2,180.72 


1,565.27 


1,763.46 


1,665.45 


Total non-operating income 


$280,773.94 


$93,991.23 


$85,727.87 


$84,531.05 


Gross income .... 


$7,119,527.05 


$4,752,741.05 


$2,149,080.01 


$5,386,659.72 


Deductions from Gross Income. 










Rent for leased roads: 










Went End Street Railway Co. . 


$2,500,258.15 


$2,540,892.94 


$2,514,318.25 


$2,420,857.2,-) 


West End Street Railway Co., 










Tremont Subway 


177,086.09 


176,545.11 


176,902.89 


183,957.82 


Other roads ..... 


48,303.71 


57,793.99 


60,992.88 


67,925.91 



Total rent for leased, roads 

Miscellaneous rents . . . . 

Net loss on miscellaneous physical 

property ..... 

Interest on funded debt 

Interest on unfunded debt 

Amortization of discount uii 
funded debt ..... 

Miscellaneous debits ... 

Total deductions from gross 

income . 

Net income transferred to credit 
of profit and loss i. 

Proportion of dividends . 

Net loss or gain (including 
proportion of dividends) 



$2,816,247.95 

$1,612,746.21 

9,325.77 

1,307,018.75 

207,945.23 

34,860.38 
14,881.50 



$2,775,232.04 

$1,339,501.90 

7,986.10 

1,309,477.08 

246,312.98 

44,290.46 
8,070.37 



$2,752,214.02 

$1,059,071.66 

9,136.03 

1,120,787.46 

181,369.68 

7,818.12 
5,389.06 



$6,003,025.79 

1,116,501.26 

1,463,668.50 



$347,167.24 



$5,730,870.93 

978,129.8S J 
1,403,970.00 



$5,135,786,03 

2,986,708.02 : 
658,235.00 



$2,672,740.98 

$809,540.99 

1,234.18 

1,087,041.12 

87,531.10 

5,826.69 

5,238.80 



$4,669,153.86 

717,505.86 

835,779.00 



$2,382,099.88! $3,644,941,021 $118,273.14 1 



1 Credit. 



34 



PROFIT AND LOSS ACCOUNTS. 

APPLYING TO OPERATIONS TO JUNE 30, 1918 

Debit 
Debit balance at beginning of year $56,783.26 

Services of engineers in connec- 
tion with apportionment of cost 
of Cambridge Bridge . . . $3,000.00 

Preliminary engineering services in 
connection with construction of 
Cambridge Subway .... 9,474.90 

Additional income tax for 191 7 on 
West End Street Railway Com- 
pany 5,307-4i 

Uncollectable accounts charged off 150.00 

Amounts eliminated from bills 
against West End Street Railway 
Company for additions and im- 
provements made during year 
ending June 30, 1918 • . . 59,582.78 

Amounts eliminated from capital 
accounts by Dept. of Public 
Utilities 35,430.26 

Amount paid in settlement of 
suit arising out of loss of S/S 
"Kennebec" 15,000.00 127,945.35 



Debit Balance December 31, 1920 .... $184,728.61 



35 



YEAR ENDING DECEMBER 31, 1920. 



APPLYING TO OPERATIONS SINCE JUNE 30, 1918 



Debit 



Debit balance at beginning of year 
Dividends on Preferred Stock: 
$3- 50 per share on 30,000 shares 

paid July 1, 1920 
$3-50 per share on 30,000 shares 

paid Jan. 3, 1921 
Dividends on Common Stock: 
$1.25 per share on 238,794 shares 

paid April 1, 1920 . 
$1.25 per share on 238,794 shares 

paid July 1, 1920 
$i-37 x A P er share on 238,794 shares 

paid Oct. 1, 1920 
$1.37^ P er share on 238,794 shares 

paid Jan. 3, 1921 



$105,000.00 
105,000.00 

298,492.50 
298,492.50 
328,34175 
328,34175 



$459,007.54 



Total 



1,463,668.50 
$1,922,676.04 



Credit 

Refund of Corporation Income Tax on the Somer- 

ville Horse R. R. Co., paid June 30, 1919 
Credit balance transferred from Income Account 
Debit balance December 31, 1920 



Total 



$215.40 

1,116,501.26 

8o5,959-38 

$1,922,676.04 



SUMMARY OF PROFIT AND LOSS ACCOUNTS 

For operations to June 30, 1918 (debit balance) . . $184,728.61 

For operations since June 30, 1918 (debit balance) . 805,959.38 



Total (debit) December 31, 1920 



$990,687.99 



36 



OPERATING EXPENSES. 



Way and Structures. 

Back pay ..... 

Superintendence of way and struc- 
tures: 

Surface 

Rapid transit lines 

Maintenance of track and roadway 
(except snow and ice) : 

Surface 

Rapid transit lines 
Removal of snow and ice: 

Surface 

Rapid transit lines 
RoadAvay structures: 

Surface 

Rapid transit lines 
Signal and telephone and telegraph 
lines : 

Surface ..... 

Rapid transit lines 
Other miscellaneous way expenses: 

Surface ..... 

Rapid transit lines 

Maintenance of electric line equip- 
ment: 

Surface ..... 

Rapid transit lines 

Maintenance of buildings, fixtures 
and grounds : 

Surface 

Rapid transit lines 

Depreciation of way and structures 
surface and rapid transit lines 

Total way and structures 
surface and general 

Total way and structures 
rapid transit lines 



12 Months 
ending 
Dec. 31, 1920. 



12 Months 

ending 

Dec. 31, 1919. 



12 Months 

ending 

Dec. 31, 1918. 



$166,223.23 $165,118.79 



28,205.32 

1,384,439.20 
258,173,76 

593,007.71 

22,540.99 

42,868.72 
36,384.76 

31,663.13 
14,065.69 

19,163.99 



226,961.96 
37,528.09 

250,468.48 
. 97,580.08 

17,000.00 



24,688.13 

2,501.285.11 
283,085.17 

14,346.40 
4,203.27 

35,803.15 
43,035.13 

17,595.94 
22,530.04 

80,608.36 



209,245.69 
42,012.62 

187,102.38 
109,855.17 

43,200.00 



12 Months 

ending 

Dec. 31, 1917. 



$7,000.00 



136,683.44 $113,455.13 



15,095.35 

1,518,607.66 
140,621.08 

73,312.85 
4,600.81 

19,932.39 
43,083.20 

8,632.89 
13,922.53 

7,900.25 



129,559.48 
17,295.54 



114,288.58 
62,396.16 

60,000.00 



$2,731,796.42 
$494,478.69 



$3,254,305.82 
$529,409.53 



2,075,917.54 
$297,014.67 



11,573.65 

1,002,608.19 
122,565.05 

82,365.83 
4,711.80 

30,861.49 
15,720.84 



6,680.93 
11,314.50 

11,209.28 
15.93 

103,734.48 
13,918.58 

107,704.43 
59,734.57 

80,000.00 



$1,538,619.79 
$239,554.92 



37 



OPERATING EXPENSES — Continued. 



12 Months 12 Months 12 Months 



ending 



ending 



ending 



12 Months 
ending 



Equipment. 
Back pay ...... 

Superintendence of equipment: 

Surface 

Rapid transit lines . 
Maintenance of cars: 

Surface 

Rapid transit lines 

Maintenance of electrical equip- 
ment of cars : 

Surface 

Rapid transit lines 

Shop expenses: 

Surface ..... 

Rapid transit lines . 

Miscellaneous equipment, vehicles, 
horses, etc., surface and rapid 
transit lines .... 

Depreciation of equipment : 

Surface and rapid transit lines 

Total equipment, surface and 
general .... 

Total equipment, rapid transit 
lines ..... 

Power. 

Back pay 

Superintendence of power 

Maintenance of power plants 

Depreciation of power plant build 
ings and equipment 

Operation of powder plants 



Total power 



Dec. 31, 1920. Dec. 31, 1919. Dec. 31, 1918. j Dec. 31, 1917. 



$136,169.08 



1,321,635.21 
377,932.90 



$648,720.36 
155,588.94 

284,693.44 
42,266.13 

44,844.36 
1,022,000.00 



$130,546.65 



1,217,514.99 
332,935.89 



$449,830.58 
143,836.79 

254,115.33 
18,393.98 

38,545.60 
1,704,320.00 



$3,458,062.45 



$575,787.97 



$85,059.57 
457,635.12 

965,000.00 
3,061,297.21 



$3,794,873.15 



$495,166.66 



$78,597.01 
328,835.05 

256,480.00 
2,316,746.53 



$4,568,991.90 $2,980,658.59 



$13,000.00 



$113,542.02 



861,605.66 
224,967.50 

$536,826.46 
91,962.97 

186,119.47 
20,746.55 

28,928.07 
1,064,670.00 



$2,804,691.68 



$337,677.02 



$66,594.42 
290,313.23 

60,000.00 
2,187,458.01 



$93,250.18 



666,685.08 
181,583.49 



$322,263.70 
59,154.76 

126,630.01 
12,056.87 

28.23S.72 
120,000.00 



$1,357,067.69 
$252,795.12 



$6.46 

51,537.07 

125,029.12 

120,000.00 
1,385,367.31 



$2,604,365.66 $1,681,939.96 



38 



OPERATING EXPENSES — Continued. 





12 Months 
ending 
Dec. 31, 1920. 


12 Months 

ending 

Dec. 31, 1919. 


12 Months 

ending 

Dec. 31, 1918. 


12 Months 

ending 

Dec. 31, 1917. 


Conducting Transportation. 










Back pay 


— 


— 


$10,000.00 


— 


Superintendence of transportation : 










Surface 


$877,061.31 


$778,661.23 


$607,748.02 


$483,863.26 


Rapid transit lines 


131,403.71 


91,570.29 


64,317.79 


48,386.14 


Passenger conductors, motormen 
and trainmen: 










Surface 


6,630,018.52 


5,950,016.61 


4,491,235.28 


4,045,111.66 


Rapid transit lines . 


1,016,953.38 


908,771.69 


617,703.76 


476,552.60 


Freight conductors, motormen and 
trainmen : 










Surface 


15,715.67 


20,450.89 


29,912.31 


21,409.1)7 


Rapid transit lines . 


— 


— 


— 


— 


Miscellaneous car service employees : 










Surface 


86,130.55 


109,490.06 


58,596.80 


69,797.52 


Rapid transit lines . 


210,324.51 


158,145.52 


111,244.73 


75,495.13 


Miscellaneous car service expenses : 










Surface 


177,608.75 


191,099.17 


143,868.17 


109,364.44 


Rapid transit lines . 


29,339.27 


45,087.54 


31,615.31 


23,193.60 


Station employees: 










Surface 


218,126.07 


281,890.49 


209,322.97 


187,354.97 


Rapid transit lines 


517,052.83 


538,103.76 


351,533.37 


262,795.01 


(Station expenses: 










Surface 


82,408.27 


65,305.24 


54,531.12 


36,536.14 


Rapid transit lines . 


137,224.60 


133,807.86 


92,380.87 


64,575.41 


Car house employees: 










Surface 


746,615.35 


699,607.05 


488,167.22 


318,603.60 


Rapid transit lines . 


174,311.30 


159,678.30 


105,004.51 


74,636.58 


Car house expenses: 










Surface 


67,665.40 


69,059.33 


43,862.65 


40,669.16 


Rapid transit lines . 


7,475.83 


6,239.11 


6,795.19 


6,319.37 


Operation of eignal and telephone 
and telegraph lines: 










Surface 


18,244.20 


17,748.72 


12,262.96 


12,465.02 


Rapid transit lines . 


196,315.49 


151,143.08 


100,439.37 


73,679.11 



39 



OPERATING EXPENSES — Concluded. 





12 Months 
ending 
Dec. 31, 1920. 


12 Months 
ending 
Dec. 31, 1919. 


12 Months 

endiug 

Dec. 31, 1918. 


12 Months 

ending 

Dec. 31, 1917. 


Other transportation expenses: 










Surface . 


$173,303.19 


$147,804.17 


$135,057.21 


$87,385.22 


Rapid transit lines . 


11,524.98 


7,202.18 


6,834.64 


4,167.04 


Total conducting transporta- 
tion, surface 


$9,092,897.28 


$8,331,132.96 


$6,284,564.71 


$5,412,560.06 


Total conducting transporta- 
tion, rapid transit lines . 


$2,431,925.90 


$2,199,749.33 


$1,487,869.54 


$1,109,799.99 


Traffic. 










Traffic 


$3,357.91 


$4,758.03 


$9,167.34 


$6,405.87 


General 'and Miscellaneous. 










Salaries and expenses of general 
officers and clerks 


$408,825.79 


$389,588.64 


$354,264.58 


$311,634.45 


General office supplies and expenses 
Law expenses .... 


198,992.05 
35,941.44 


78,026.75 
20,142.84 


69,027.07 
47,793.69 


63,368.35 
94,594:84 


Relief department, expenses, pen- 
sions and gratuities 


43,837.44 


34,743.75 


39,146.02 


32,985.94 


Miscellaneous general expenses 


75,865.97 


68,941.20 


110,987.75 


62,783.61 


Injuries and damages 


785,971.56 


830,663.98 


904,895.09 


949,969.20 


Insurance ..... 


372,849.38 


274,052.74 


207,614.25 


141,882.63 


Stationery and printing . 


108,569.70 


82,991.60 


85,499.43 


66,835.57 


Store, garage and stable expenses 


350,969.92 


294,184.04 


240,297.86 


191,813.09 


Rent of tracks and facilities . 


13,998.99 


13,789.55 


11,311.15 


7,797.78 


Rent of equipment .... 


16,001.35 


23,160.25 


23,992.27 


24,715.92 


Total general and miscellaneous 


$2,411,823.59 


$2,110,285.34 


$2,094,829.16 


$1,948,381.88 


Total operating expenses 


$25,769,122.11 


$23,700,339.41 


$17,996,097.32 


$13,547,124.28 



40 



COMPARATIVE DIVISION OF EXPENDITURES. 

Year Ending Year Ending Year Ending Year Ending 

Dec. 31, 1920 Dec. 31, 1919 Dec. 31, 1918 Dec. 31, 1917 

Wages . $17,216,445.20 $15,539,105.59 $11,007,362.35 $8,988,580.99 
Materials and 

supplies . 3,310,858.94 3,640,065.60 3,248,317.15 2,269,099.61 
Injuries and • 

damages . V 640,165.04 701,907.28 792,783.96 834,981.76 

Depreciation 2,004,000.00 2,004,000.00 1,184,670.00 320,000.00 

Fuel . . 2,597,652.93 1,815,260.94 1,762,963.86 1,134,461.92 

Taxes . . 1,142,987.28 1,045,502.36 917,515-49 884,623.01 
Rent of Leased 

Roads . 2,638,561.86 2,598,686.93 2,575,311.13 2,488,783.16 
Subway and 

Tunnel rents 1,790,432.30 1,516,047-01 1,235,974-55 993,498.8i 
Int. on borrowed 

money . 1,514,963.98 i,555,79<>-o6 1,302,157.14 1,174,572.22 
Miscellaneous 

items . 59,067.65 60,346.93 22,343.21 12,299.67 

Dividends 1,463,668.50 1,403,970.00 658,235.00 835,779-00 

Loss 347,167.24 2,382,099.88 3,644,941.02 118,273.14 



4i 



TRAFFIC STATISTICS. 

YEAR ENDING DECEMBER 31. 

1920 1919 1918 1917 

Round Trips 

Rapid Transit Passenger 

Cars 1,116,619 1,226,099 1,204,348 1,315,444 

Surface Passenger Cars 4,647728 5,351,970 5403,123 5,66o,534 

Express Cars, etc., 6,345 10,1 57 14,987 1 5,3 12 



Total 5,770,692 6,588,226 6,622,458 6,991,290 

Revenue Miles 
Rapid Transit Passenger 

Cars 14,540,474 14,139,619 13,364,229 14,467,782 

Surface Passenger Cars 36,697,053 39,393,903 39,398,056 44,725,977 

Express Cars, etc., 106,635 175,020 239,283 247,295 

Sprinkler Cars 15,693 12,707 20,248 14,639 



Total 51,359,855 53,721,249 53,021,816 59,455,693 

Revenue Car Hours 
Rapid Transit Passenger 

Cars 984,150 978,591 893,657 081,867 

Surface Passenger Cars 3,643,145 3,770,727 3,748,073 4,343,68g 

Express Cars, etc., 10,218 16,765 23,675 23,825 

Sprinkler Cars 1,516 1,017 1,873 i>479 



Total 4,639.029 4,767,100 4,667,278 5,35o,86o 

Passengers Carried 
Revenue Passengers on 
Rapid Transit and 
Surface Cars 335,526,561 324,758,685 348,664,700 381,017,338 



42 



MILEAGE OF TRACK. 

Total track owned by and leased from the West End 

St. Ry. Co., December 31, 1919 425.891 miles 

Additions for extensions during the year . . . 3-374 " 

Total 429.265 

Reduction for track taken up or transferred during 

the year 2.785 

Net Length of Tback owned by and leased from 

The West End Street Ry. Co., Dec. 31, 1920 . 426.480 

Leased from other companies 38.995 " 

Operated under trackage privileges 3.708 " 

Surface track on B. E. Ry. Co. property . . . 23,015 

Total track for Surface cars 492.198 " 

Total track for Rapid Transit cars 43.161 " 

Total Track, Dec. 31, 1920 535-359 " 

Which is made up as follows: 

For For Rapid 

Surface Cars Transit Cars 

Length of main lines . 231.358 miles 16.804 miles 

Length of second track . 197.349 " 16.366 " 

Length of sidings, car- 
house curves, cross- 
overs, etc., . . . 10.848 " 3.045 

Length of track in car- 
houses and yards . . 52.643 " 6.946 " 

Totals. . . . 492.198 " 43.161 " 
The total length of surface track in reservations is . 45.18 " 

The total length of surface track built with heavy 

girder rail is 456.704 



43 



DECEMBER 31, 1920. 



5.400 


miles 


3.782 


u 


3-oi6 


(< 



The total length of track in subways and tunnels used 
for surface cars is as follows: 
Tremont Subway .... 
East Boston Tunnel and Extension 
Boylston Subway .... 

Total Length of Track in Sub- 
ways used for surface cars is 12.198 miles 
The total length of track in subways and tunnels used 
for rapid transit trains is as follows: 

2.326 miles 



miles 



Washington Tunnel . 


»• 


Cambridge-Dorchester Tunnel 




Cambridge Subway proper 




and incline to bridge 


4-743 


Cambridge Bridge and El- 




evated Connection . 


1.029 


Cambridge Connection (Bea- 




con Tunnel) 


.965 


Dorchester Tunnel 


4.628 



11.365 " 

Total Length of Track in 
Subways and Tunneis 
used for Rapid Transit 
Trains is 13.691 miles 

The total length of track in all Subways and Tunnels is 25.889 miles 

The total length of surface track in the Cambridge 

Subway is .723 " 

The total length of surface track in the Dorchester 

Tunnel and at Andrew Station is .... .635 " 

The total length of track on the East Cambridge Via- 
duct amd connection is 2.678 " 



44 



EQUIPMENT. 



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ir. vr. \o ft 



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VTVO 



03 03 

oo vo -t* !2 vc rs 

(V jr- f* "0 M W 

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9 2, 



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Pi 

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rV rV r < 03 03 E3 03 r J 



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46 



SUMMARY OF STOCKHOLDERS OF RECORD. 



Decembeb 31, 1920 





COMMON. 


PREFERRED. 


State. N< 


). Stockholders 


Shares. N 


0. Stockholders. Shares. 


Massachusetts 


5.580 . . 


212,794 • 


• 3.103 • 


• 27,279 




Other States 






Alabama . 


2 . 


22 






California 


43 • 


I,38l • 


16 . 


135 


Colorado . 


5 • • 


523 • 


I 


2 


Connecticut 


7i • 


2,244 • 


30 • 


307 


Delaware 


1 . 


10 






District of Columbia 


24 . . 


1,108 . 


9 • 


61 


Florida . 


12 • 


3l6 • 


4 • 


18 


Georgia . . . . 


3 • • 


50 • 


2 • 


11 


Illinois . 


24 • • 


540 • 


5 • 


57 


Indiana . . 


2 . 


I46 . 


1 


6 


Iowa 


2 . 


5 • 


1 


30 


Kansas . 


1 . . 


12 . 


1 . 


2 


Kentucky . . . 


I . 


10 






Maine 


104 . 


3,6i9 • 


40 • 


342 


Maryland . . . . 


5 • • 


67 . 


2 . 





Michigan 


8 . 


173 • 


5 • 


48 


Minnesota 


7 • 


78 • 


1 . 


4 


Missouri . 


7 • ■ 


181 • 


3 • 


J8 


Montana . 


1 • 


2 






New Hampshire . 


170 . 


3,279 • 


80 . 


313 


New Jersey 


19 • 


257 . 


2 • 





New Mexico . 


1 • 


10 






New York . 


180 . 


7,543 • 


78 • 


909 


North Carolina 


1 • 


10 






North Dakota . . 


1 . 


10 






Oklahoma 


3 • 


25 






Ohio .... 


11 . ■ 


408 • 


3 • 


57 


Pennsylvania 


48 • 


1,032 . 


14 . 


51 


South Dakota . 


I . 


50 






Rhode Island . . 


43 ■ 


1,461 • 


23 • 


188 


Tennessee . . 


2 . 


11 . 


I . 


I 


Texas . . . 


3 • 


23 • 


I . 


3 


Vermont 


28 . 


333 • 


11 . 


.30 


Virginia 


5 • 


81 . 


3 - 


12 


Washington 


7 • 


68 . 


3 • 


13 


West Virginia 


2 . 


8 






Wisconsin 


8 . 


143 • 


1 
341 • 


13 




856 . 


25,239 . 


2,649 




1 • 


25 







47 



British Provinces 



Province. 


No. 


COMMON 
Stockholders. 


Shares. 


PREFERRED. 
No. Stockholders. Shares. 


Quebec . . 


. 


9 • • 


407 


5 • • 54 


Ontario 


• 


4 • • 


41 




New Brunswick . 


. 


2 . 


13 


1 • 1 


Nova Scotia 


. 


3 • • 


42 


2 . 12 


British Columbia . 


. 


1 • 


8 




Saskatchewan 




1 . 


15 




Prince Edward Island 


i 


5 




Alberta 


. 


i 


10 





22 



541 



67 



England 

Denmark 

Ireland 

France 

Italy 

Belgium 



EtTROPEAN 


Countries 


3 • • 


20 . 


1 . 


30 


1 . 


5 


3 • • 


20 


1 . 


10 


1 . • 


50 



10 



135 



Nicaragua 
China 



Massachusetts 
Other States . 
Cuba .... 
British Provinces . 
European Countries 
Central America 
Asiatic Countries . 



Central America 
1 35 



Asia 



25 



Rec apit ul ation 



5,580 
856 

I 

22 

10 
I 
I 

6,471 



212,794 . 


• 3,103 


25,239 • 


341 


25 




541 • 


8 


135 • 


3 


35 




25 




238,794 ■ 


• 3,455 



27,279 
2,649 

67 

5 



30,000 



4 8 



BOSTON ELEVATED RAILWAY COMPANY, 

TRUSTEE. 

STATEMENT OF SPECIAL TRUST FUND 
DECEMBER 31, 1920 

Principal of Trust Fund as established .... $1,500,000.00 

Accretions and accumulations of income to December 

3ii 1920 561,124.94 

Total $2,061,124.94 

Investment in marketable securities and real estate . $2,058,500.18 
Cash 2,53476 

Total $2,061,124.94 



The above Trust Fund is held by the Boston Elevated Rail- 
way Company under Chapter 740, Acts of 191 1, "An Act to 
authorize the consolidation of properties and franchises of the 
Boston Elevated Railway Company and the West End Street 
Railway Company," and represents the proceeds from the 
sale to the Boston Elevated Railway Company of real estate 
of the West End St. Ry. Company, which was not required in 
the conduct of the business. The amount so received ($1,500,- 
000) is to be held by the Boston Elevated Railway Company 
and invested by it and allowed to accumulate until the tenth 
day of June, 1922, when the consolidation of the two com- 
panies is to take place. Thereafter, the annual income there- 
from shall be applied toward the purchase and retirement of 
the second preferred stock of the Boston Elevated Company. 
No part of this fund or its income can be used for any other 
purpose. 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THH 



Year ending December 31, 1921 



BOSTON 

WEIGHT & POTTER PRINTING COMPANY 

32 DERNE STREET 

1922 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOB THE 



Year ending December 31, 1921 



BOSTON 

WRIGHT & POTTER PRINTING COMPANY 

32 DERNE STREET 

1922 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 
OF THE BOSTON ELEVATED RAILWAY. 



To the Honorable Senate and House of Representatives. 

Pursuant to the provisions of chapter 185 of the Special Acts of 
1919, as amended by chapter 108 of the Special Acts of 1921, the 
public trustees of the Boston Elevated Railway respectfully submit 
their third annual report. 

Result of Operation. 

Complete statements showing the results of operation for the 
calendar year which closed with the thirty-first day of December, 
1921, are appended to this report. 

Briefly it may be said that after making allowance for delayed 
charges and credits applying to the operations of previous years, 
the receipts for the calendar year exceeded the cost of service by 
$1,117,621.33. In the preceding calendar year the cost of service 
had exceeded receipts by $346,951.84. On the thirty-first of Decem- 
ber, 1920, as explained in our report for that year, there were also 
outstanding deficits carried over from the year 1919 that amounted 
to $459,007.54. These obligations, totaling $805,959.38, have been 
met and $311,661.95 paid into the reserve fund as required by law. 

That the improved financial standing is appreciated is shown in 
the recent placing at a premium of a refunding issue of West End 
bonds bearing 6£ per cent interest. 

When the trustees in the summer of 1918 took over this railway 
they assumed a double task. They were directed to establish 
fares that would provide revenue sufficient to meet the costs of opera- 
tion and to put the property in a good operating condition. This 
was to be done in the face of a higher scale of wages and of mount- 
ing prices of supplies and materials, and with a railway that had 
been exhausted in the effort to maintain service under a 5-cent fare. 
Three years and a half have elapsed. At the end of the first year, 
during which a 5, then a 7 and finally an 8 cent fare was in force, 



an operating deficit of approximately $5,000,000 had accumulated, 
which was met from the reserve fund and general taxation in the 
cities and towns served by the railway. In the second year, with 
a universal 10-cent fare in force, revenue practically met expenses. 
In the calendar year just closed, as already stated, receipts have 
exceeded expenditures by approximately $1,117,000. 

With the establishment of the railway upon a self-supporting 
basis public interest has been awakened to the prospect of repay- 
ment to cities and towns of the amounts advanced by them to meet 
the deficit of the first year of public operation. Under the provi- 
sions of the public control act the general 10-cent fare cannot be 
replaced by a lower fare until this repayment has been made. On 
the first of next July surplus receipts, after the payment of costs of 
service and of the balance due the reserve fund, should approximate 
at least $500,000, and with favorable weather conditions prevailing 
the balance will no doubt be substantially larger. Under the statute 
this surplus must be used in reimbursing the cities and towns. The 
balance of the loan could possibly be paid in the following year, in 
any event at an early day thereafter. 

• Receipts and Expenditures. 

The following comparative table presents a summary of receipts 
and expenditures for the past and preceding years : — 



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6 



Comparative Passenger Statistics. 

Revenue Passengers carried. 



Year. 


Week Day 
Average. 


Saturday 
Average. 


Sunday 
Average. 


Holiday 
Average. 


Total for 
Year. 


1915 


992,283 


1,140,046 


685,726 


816,860 


352,469,586 


1916 . 










1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1917 . 










1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1918 . 










985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1919 . 










934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1920 . 










960,737 


1,072,319 


591,063 


703,634 


335,526,561 


1921 . 










975,745 


1,068,295 


578,860 


696,691 


337,252,080 



Notwithstanding the general lessening of traffic upon railroads and 
railways, which began with the industrial depression last spring, 
on the Boston Elevated there has been an increase in the number of 
passengers carried. This has been due in large measure to the 
experimental operation of 5-cent surface lines for short distance travel 
without transfer. The number of passengers now riding for a 5-cent 
fare is 18 per cent of the total riding. With the establishment of 
additional lines to be in operation during this and next month, 
the number will undoubtedly exceed 20 per cent of the total riding. 
This limited local service adds to the usefulness of the railway 
without imposing material burden upon those who pay the basic 
10-cent fare. The experiment with this service has attracted the 
attention of transportation experts in many large cities. It may 
well lead to the adoption of some plan for a general reduction in 
fares upon an equitable distribution of the charge for riding. 

The operating costs of 1921 reflect lower prices of coal and mate- 
rials, decrease in wages, the less severe conditions of the winter sea- 
son, and changes that have promoted efficient operation. The 
division of expenditures is graphically shown in the annexed chart. 



Boston Elevated Railway 

Allocation of Receipts 
per passenger 

IZ Months Ending December 31, 1321. 
Average Receipts per Revenue Passenger 



9.867 



X 



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'andOther Items/ 



LABOR 



.933^ /TAXES* 
,' -453^ \ 



8 



Power. 

The power plant has been improved through installation of new 
equipment, such as air compressors, soot blowers, reactance coils, 
air washers, feed pumps and rotary converters. Fewer tons of coal 
have been burned during the last year than in any of the years 
given in the following comparative table, which shows the price of 
coal per ton and the unit of efficiency of the coal burned : — 







1921. 


1920. 


1919. 


1918. 


1917. 


1916. 


1915. 


Tons of coal burned .... 


215,870 


258,087 


287,670 


281,677 


270,452 


254,735 


244,912 


Pounds of coal per kilowatt hour 


2.174 


2.353 


2.835 


2.772 


2.309 


2.256 


2.321 


Average price of coal per ton 


$7 71 


$10 07 


$5 91 


$6 26 


$4 19 


$3 35 


$3 39 


Net cost of power for car service per 

kilowatt hour (cents). 
Net cost of power per total revenue 

car mile (cents). 


1.172 
4.815 


1.921 
8.538 


1.307 
5.439 


1.158 
4.668 


.620 
2.573 


.534 
2.137 


.517 
1.972 



Road and Equipment. 

The proportionate part of the work to be done under the program 
adopted for improvements necessary to fit the railway for efficient 
operation has been accomplished. 

During the year 27.242 miles of track have been constructed and 
13.88 miles improved by extensive repairs. 

One hundred and five modern center entrance cars have been re- 
ceived and placed in service, and 46 of the 65 steel cars which were 
ordered to replace an equivalent number of wooden cars in use on 
elevated lines have been received. Several large snow ploughs have 
been added to the equipment. The list of useless equipment has 
been lessened by the disposal of obsolete cars, snow ploughs, trucks 
and miscellaneous equipment. 



Rapid Transit Development. 

The Arlington station of the Boylston Street subway was opened 
on the 13th of November. About 8,000 persons now enter or leave 
this station daily. The construction cost was large, as the work 
was done during the period of high costs. This new door to the 
railway terminal contributes to the better distribution of traffic, 
encourages a desirable extension of the crowded business district, 



9 

and provides a direct, safe and convenient access to the Public Gar- 
den. The two last named have a public value independent of finan- 
cial return. 

In extending the platform connected with this structure toward 
Berkeley Street, those interested in the upbuilding and development 
of business interests in this locality have relieved the car riders dur- 
ing the period of public control of subway rental arising from addi- 
tional cost of construction. 

Minor improvements for relief of congestion have been made in 
the Tremont Street subway by the alteration of the stairways at the 
Park Street station. The trustees have requested the Boston Transit 
Department to make other changes of that kind, for example, the 
enlargement of the stairway leading from the inbound platform of 
the Cambridge subway to the platform of the Park Street station. 
At the Park Street and the Boylston Street stations platforms have 
been arranged in the interest of greater clearance and safety. 

The platform accommodation originally provided in the station 
at Harvard Square has long been utterly inadequate for its purpose. 
This defect is the occasion of deplorable inconvenience and confusion 
in the loading of cars. Three sets of plans to remedy the evil have 
been completed by the railway engineers, one calling for an expendi- 
ture of $160,000, another of $565,000, and a third of $365,000. 
These plans are ready for submission to such public board as may be 
given authority to deal with the situation in behalf of the Common- 
wealth. 

Actual construction of the terminal station of the East Boston 
tunnel at Maverick Square is under way by the Transit Department. 
When completed, this will permit a much increased service through 
the tunnel. 

The trustees have also taken part in the work of the Joint Board, 
consisting of the Department of Public Utilities and the Transit 
Department of Boston, in the adoption of a practical plan to provide 
for an extension of rapid transit service in Dorchester. 

The terminal yard at Forest Hills has been completed, and the 
operation of trains from this yard began on the 9th of November. 
This means efficient operation of the main line, reduces the likelihood 
of serious results should the Charlestown bridge become disabled, 
and annually lessens operating costs by eliminating nearly 1,000,000 
miles of dead mileage. 



10 

Two exceedingly important and far-reaching changes in rapid 
transit are now pending. One involves virtually a new transit 
thoroughfare for the operation of three-car trains from a terminal 
at Braves Field, Allston, through the Boylston Street and Tremont 
Street subways and over the East Cambridge Viaduct to Lechmere 
Square, Cambridge, where a new terminal is being constructed. 
This change will substitute one large unit for several small units, 
and through the use of trains with additional cars will mean more 
frequent, rapid and regular service, that will materially relieve the 
congestion in the subway, which is the subject of continual annoy- 
ance and well-founded complaint. The other change is that proposed 
in the lines operating on Huntington Avenue through the substitu- 
tion of train for single car service. It is a preliminary step toward 
making this a rapid transit thoroughfare from Park Street to Brook- 
line Village, at which point passengers will transfer from cars on out- 
lying lines in the same manner as at points that connect with rapid 
transit divisions. The use of the highway reservation in which these 
cars w^ill operate for a large part of the way lends itself to the devel- 
opment of rapid transit. 

It is expected that the change in service over Huntington Avenue 
will become effective on the 6th of February, 1922. The improve- 
ment in service between Lechmere Square and Braves Field has been 
delayed to await the outcome of proceedings in connection with the 
determination of certain differences affecting local interests, which 
it is hoped will not long interfere with the large benefits that its con- 
summation will bring to the general public. 

The vital fact is that these two improvements furnish the only 
known way of relieving the congestion in the Tremont Street subway 
until a permanent remedy is provided through the enlargement of 
the facilities which this subway affords. 

In the return to a better financial footing, with assurance of ability 
to procure sufficient revenue to meet the costs of service, the trustees 
welcome the opportunity to deal more liberally with questions of 
accommodation for the public and less attention to drastic measures 
aimed merely at economies. It is now possible, without abandon- 
ment of business methods or disregard of economies that make for 
efficient service, to decide upon their merits requests involving addi- 
tional usefulness and larger convenience for the car-riding public. 

Recommendations for legislation have been duly filed in accord- 



11 

ance with law and now appear as House Document No. 63. One of 
them relates to the issue of bonds to provide capital for the comple- 
tion of repair shops at Everett. The shops now in use are the 
inheritance of horse-car days, wholly unfit to meet everyday needs 
in painting, repairing and caring for rolling stock. The annual 
saving that would follow the use of the shops which have been 
planned would be very large. 

JAMES F. JACKSON. 

WINTHROP COFFIN. 

STANLEY R. MILLER. 

SAM'L L. POWERS. 

JOHN F. STEVENS. 

Jan. 26, 1922. 



12 



General Balance Sheet. 



Debits. 


Dec. 31, 1921. 


Dec. 31, 1920. 


Dec. 31, 1919. 


Investments. 








Road and equipment" 








Way and structures 


§34,344,346 80 


$33,478,504 96 


$40,881,079 20 




6,503,176 98 


5,860,282 11 


5,395,383 53 


Power 


9,330,904 31 


9,152,496 45 


9,007,407 92 


General and miscellaneous 


1,768,771 83 


1,736,612 62 


1,719,986 86 


Total road and equipment 


$51,947,199 92 


$50,227,896 14 


$57,003,857 51 


Miscellaneous physical property 


$619,319 33 


$864,186 40 


$922,880 16 


Investments in affiliated companies* 








Stocks 


$201,509 72 


$201,509 72 


$201,509 72 


Notes 


4,848,245 21 


4,848,245 21 


- 


Advances: 








West End Street Railway Company, road and equip- 
ment. 

West End Street Railway Company, suspense road 
and equipment. 

West End Street Railway Company, current account 


349,421 95 
504,588 16 
884,336 34 


1,524,170 90 

38,243 59 

884,336 34 


3,080,743 91 
. 23,277 04 
884,336 34 


Other companies, road and equipment 


102,852 11 


102,852 11 


102,852 11 


Total investments in affiliated companies 


$6,830,953 49 


$7,599,357 87 


$4,292,719 12 


Other investments: 








Stocks 


$2,501 00 


$2,501 00 


$2,501 00 


Notes 


86,700 00 


91,400 00 


108,150 00 


Advances, road and equipment: 








Eastern Massachusetts Street Railway Company 


120,740 65 


84,764 62 


56,807 62 


Newtonville and Watertown Street Railway Company 


- 


- 


34,835 49 


Total other investments 


$209,941 65 


$178,665 62 


$202,294 11 


Total investments 


$59,667,414 39 


$58,870,106 03 


$62,421,750 90 


Current Assets. 
Cash 


$1,320,913 37 


$2,038,490 62 


$1,956,935 89 


Special deposits: 








Deposits for interest, dividends and rents unpaid 


$769,146 63 


$788,434 57 


$753,283 04 


Total special deposits 


$769,146 63 


$788,434 57 


$753,283 04 


Loans and notes receivable 


430 98 


1 00 


155 65 


Miscellaneous accounts receivable ..... 


227,734 19 


376,746 97 


343,674 96 


Material and supplies 


3,251,416 43 


3,687,118 20 


2,892,779 42 


Interest, dividends and rents receivable .... 


30,308 96 


26,410 07 


17,316 38 




35,716 13 


33,480 52 


41,705 33 


Total current assets ....... 


$5,635,666 69 


$6,950,681 95 | 

i 


$6,005,850 67 



13 



General Balance Sheet. 



Credits. 



Dec. 31, 1921. 



Lee. 31, 1920. 



Dec. 31, 1919. 



Stock. 
Capital stock: 

Common stock 

Preferred stock 

Total capital stock 
Premium on capital stock 

Total stock . 

Long Term Debt. 
Funded debt unmatured: 

Miscellaneous obligations: 

4 per cent, 30-year debenture bonds, due May 1, 1935 
&A per cent, 30-year debenture bonds, due Oct. 1, 1937 
4 l A percent, 30-year debenture bonds, due Nov. 1, 1941 

5 per cent, 30-year debenture bonds, due Dec. 1, 1942 

6 per cent, 5-year debenture bonds, due March 1, 1924 
6 per cent, 1-year debenture bonds, due March 1, 1920 

Total bonds 

Mortgage notes 

Total funded debt unmatured .... 

Non-negotiable debt to affiliated companies: 

Open accounts not subject to current settlement: 

West End Street Railway Company, lease account . 

West End Street Railway Company, cash suspense 
account. 

Total non-negotiable debt to affiliated companies 
Total long term debt 

Current Liabilities. 
Loans and notes payable 

Audited accounts and wages payable .... 

Matured interest, dividends and rents unpaid 

Accrued interest, dividends and rents payable: 

Accrued interest on funded debt (Boston Elevated Rail- 
way Company). 
Accrued interest on loans and notes payable 

Accrued rents, leased roads, West End Street Railway 

Company. 
Accrued rents, leased roads, other companies 

Accrued rents, subway and tunnels (except Tremont 

Street subway). 
Accrued interest on unpaid taxes 

Total accrued interest, dividends and rents payable 
Total current liabilities 



$23,879,400 00 
3,000,000 00 



$26,879,400 00 

2,707,428 13 



$29,586,828 13 



$8,500,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
1,500,000 00 



$23,879,400 00 
3,000,000 00 



$26,879,400 00 

2,707,428 13 



$29,586,828 13 



$8,500,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
1,500,000 00 



$28,086,000 00 

125,000 00 



$28,211,000 00 



,207,201 98 
7,746 90 



$1,214,948 88 
$29,425,948 88 

$2,463,372 13 

1,208,320 20 

770,352 13 

$216,441 67 
1,726 74 

519,834 87 
8,067 30 

116,755 02 
2,896 00 



$23,879,400 00 
3,000,000 00 



$26,879,400 00 

2,707,428 13 



$29,586,828 13 



$8,500,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
1,500,000 00 
1,500,000 00 



$28,086,000 00 

125,000 00 



$28,211,000 00 



$1,207,201 98 
7,746 90 



$865,721 60 
$5,307,766 06 



$1,214,948 88 
$29,425,948 88 

$3,029,672 74 

2,229,714 66 

789,640 07 

$216,441 67 
3,224 81 

519,834 87 
7,556 67 

105,579 46 
9,170 84 



$29,586,000 00 

125,000 00 



$29,711,000 00 



$1,207,201 98 
7,746 90 



$861,808 32 
$6,910,835 79 



$1,214,948 88 
$30,925,948 88 

$3,908,842 75 

2,211,876 65 

754,488 54 

$245,660 42 

959 29 

569,072 37 

34,510 20 

31,493 83 

8,820 43 



$890,516 54 
$7,765,724 48 



14 



General Balance Sheet — Concluded. 



Debits. 



Dec. 31, 1921. Dec. 31, 1920. 



Dec. 31, 1919. 



Deferred Assets. 
Insurance and other funds .... 

Total deferred assets 

Unadjusted Debits. 
Rents and insurance premiums paid in advance 
Discount on funded debt (net) 



Other unadjusted debits: 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Reserve Fund, chapter 
159, Special Acts of 1918. 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Commonwealth of Mas- 
sachusetts, chapter 159, Special Acts of 1918. 

Other unadjusted debits 



Total other unadjusted debits 
Total unadjusted debits 



Total debits 



$802,550 00 



$802,550 00 

$129,100 42 
291,719 76 



$688,338 05 

3,980,151 67 

203,072 29 



$4,871,562 01 
$5,292,382 19 



$71,398,013 27 



$802,550 00 



$806,976 67 



$802,550 00 

$227,195 73 
323,187 84 



$806,976 67 

$321,528 77 
358,048 22 



$1,000,000 00 

3,980,151 67 

253,690 19 



$1,000,000 00 

3,980,151 67 

233,924 93 



$5,233,841 86 
$5,784,225 43 



$5,214,076 60 
$5,893,653 59 



$72,407,563 41 



$75,128,231 83 



15 



General Balance Sheet — Concluded. 



Credits. 



Dec. 31,1921. Dec. 31, 1920. 



Dec. 31, 1919. 



Deferred Liabilities. 

Other deferred liabilities .... 

Total deferred liabilities . 

Unadjusted Credits. 

Tax liability 

Insurance and casualty reserves: 

Insurance reserve 

Total insurance and casualty reserves 

Operating reserves: 

Injury and damage reserve . 

Total operating reserves 

Accrued depreciation, road and equipment 

Other unadjusted credits: 

Outstanding tickets and checks . 

Other unadjusted credits 

Amount advanced by Commonwealth of Massachusetts 
under chapter 159, Special Acts of 1918, account 
deficit in cost of service for twelve months ending 
June 30, 1919. 

Total other unadjusted credits ..... 

Total unadjusted credits 

Corporate Surplus. 
Profit and loss, balance June 30, 1918 .... 
Profit and loss, since June 30, 1918 

Total corporate surplus 

Total credits 



$38,952 50 



$38,952 50 



$733,233 02 



$918,042 56 



5,159 31 



$53,159 31 



$397,731 37 



$40,382 59 



$40,382 59 



5,491 33 



$36,491 33 



$333,411 63 



$42,811 29 



$42,811 29 



,684 73 $1,009,563 20 



$918,042 56 $988,684 73 



$1,503,431 44 

$93,888 66 

48,747 52 

3,980,151 67 



$4,122,787 85 
$7,277,494 87 

977 17i 



,977 17i 



$1,880,997 55 

$93,733 07 

39,798 31 

3,980,151 67 



$4,113,683 05 
$7,421,479 29 

$184,728 61 1 
805,959 38 » 



,687 99i 



$71,398,013 27 $72,407,563 41 



$1,009,563 20 
$1,842,576 61 

$87,505 41 

33,010 00 

3,980,151 67 

$4,100,667 08 
$7,329,029 81 

$56,783 26i 
459,007 54i 



$515,790 80i 
$75,128,231 83 



1 Debit. 



16 



Income Statement. 



Twelve 

Months ending 

Dec. 31,1921 



Twelve 

Months ending 

Dec. 31, 1920. 



Twelve 

Months ending 

Dec. 31,1919. 



Operating Income. 

Passenger revenue 

Special car revenue ...... 

Mail revenue 

Express revenue 

Miscellaneous transportation revenue 

Total revenue from transportation 

Station and car privileges .... 

Rent of tracks and facilities . . . • . 

Rent of equipment 

Rent of buildings and other property 

Power 

Miscellaneous 

Total revenue from other railway operations 

Total railway operating revenues 

Railway operating expenses: 

Way and structures 

Equipment 

Power .... 

Conducting transportation 

Traffic .... 

General and miscellaneous 

Total railway operating expenses 

Per cent of operating expenses to operating revenues 

Per cent of operating expenses to operating and non 

operating income. 
Net revenue, railway operations 

Taxes assignable to railway operations 

Operating income .... 

Non-operating Income. 

Income from lease of road 

Dividend income 

Income from funded securities 

Income from unfunded securities and accounts 

Income from sinking fund and other reserves 

Miscellaneous income ..... 

Total non-operating income 

Gross income . . . . . 



32,237,396 47 

16,233 12 

578 98 

44,154 94 

3,838 20 



$33,096,763 69 

12,182 79 

737 10 

88,657 99 

4,383 17 



$32,302,201 71 

$305,937 96 

26,051 00 

1,659 83 

111,951 20 

84,932 67 

20,318 76 



$33,202,724 74 

$300,228 32 

39,059 11 

1,644 27 

100,499 45 

92,192 00 

14,514 61 



$550,851 42 
$32,853,053 13 

$3,021,844 18 
4,470,357 23 
2,532,500 73 

10,752,382 64 

2,401 23 

2,063,570 98 



$548,137 76 
$33,750,862 50 

$3,226,275 11 
4,033,850 42 
4,568,991 90 

11,524,823 18 

3,357 91 

2,411,823 59 



$22,843,056 99 

69.53 

68.65 

$10,009,996 14 

$1,546,758 15 

$8,463,237 99 

$823 40 

9,180 00 

4,503 41 

375,158 65 

33,280 00 

1,026 94 



$25,769,122 11 
76.35 
75.72 
$7,981,740 39 
$1,142,987 28 
$6,838,753 11 

$823 40 

9,180 00 

6,356 89 

233,379 60 

28,853 33 

2,180 72 



$423,972 40 
8,887,210 39 



$280,773 94 
$7,119,527 05 



$28,752,675 38 

14,868 73 

722 24 

89,002 98 

3,001 85 



$28,860,271 18 

$293,871 62 
41,477 20 
5,209 45 
82,514 36 
46,349 33 
74,898 45 



$544,320 41 
$29,404,591 59 

$3,783,715 35 
4,290,039 81 
2,980,658 59 

10,530,882 29 

4,758 03 

2,110,285 34 



$23,700,339 41 

80.60 

80.34 

$5,704,252 18 

$1,045,502 36 

$4,658,749 82 

$823 40 

9,180 00 

6,289 50 

42,853 06 

33,280 00 

1,565 27 



$93,991 23 
$4,752,741 05 



17 



Income Statement — Concluded. 



Twelve 

Months ending 

Dec. 31,1921. 



Twelve 

Months ending 

Dec. 31,1920. 



Twelve 

Months ending 

Dec. 31,1919. 



Deductions from Gross Income. 

Rent for leased roads: 

West End Street Railway Company . . . . 

West End Street Railway Company, Tremont Street 

subway. 
Other roads 



Total rent for leased roads 

Miscellaneous rents 

Net loss on miscellaneous physical property . 
Interest on funded debt . 
Interest on unfunded debt .... 
Amortization of discount on funded debt 
Miscellaneous debits 

Total deductions from gross income . 
Net income transferred to credit of profit and loss 
Dividends — Boston Elevated Railway Company 

Balance after cost of service 



i Deficit 



$2,630,780 24 

182,512 32 

48,914 48 



2,590,258 15 

177,686 09 

48,303 71 



!,540,892 94 

176,545 11 

57,793 99 



$2,862,207 04 

1,781,225 46 

6,959 96 

1,292,800 00 

201,458 43 

31,468 08 

16,279 55 



$2,816,247 95 

1,612,746 21 

9,325 77 

1,307,018 75 

207,945 23 

34,860 38 

14,881 50 



$2,775,232 04 

1,339,501 90 

7,986 10 

1,309,477 08 

246,312 98 

44,290 46 

8,070 37 



$6,192,398 52 

$2,694,811 87 
1,523,367 00 



$6,003,025 79 

$1,116,501 26 
1,463,668 50 



$5,730,870 93 

$978,129 88 1 
1,403,970 00 



$1,171,444 87 



$347,167 24 



$2,382,099 88i 



18 



Operating Expense Accounts. 



1921. 



1920. 



1919. 



of cars 



Way and Structures. 
Superintendence of way and structures . 
Maintenance of track and roadway (except snow and ice) 

Removal of snow and ice 

Roadway structures 

Signal and telephone and telegraph lines . 
Other miscellaneous way expenses . 
Maintenance of electric line equipment . 
Maintenance of buildings, fixtures and grounds 
Depreciation of way and structures 

Total way and structures .... 
Equipment. 
Superintendence of equipment 
Maintenance of cars . 
Maintenance of electrical equipment 
Shop expenses .... 
Miscellaneous equipment, vehicles, horses, etc 
Depreciation of equipment 

Total equipment 

Power 
Superintendence of power 
Maintenance of power plants 

Depreciation of power plant buildings and equipment 
Operation of power plants 

Total power 

Conducting Transportation. 
Superintendence of transportation . . ■ . 
Passenger conductors, motormen and trainmen 
Freight conductors, motormen and trainmen . 
Miscellaneous car service employees 
Miscellaneous car service expenses 
Station employees 
Station expenses 
Car house employees 
Car house expenses . 

Operation of signal and telephone and telegraph lines 
Other transportation expenses . 

Total conducting transportation 



$211,850 11 

1,724,134 42 

63,460 07 

96,630 14 

23,370 33 

14,012 13 

278,348 00 

335,038 98 

275,000 00 



$194,428 55 

1,642,612 96 

615,548 70 

79,253 48 

45,728 82 

19,163 99 

264,490 05 

348,048 56 

17,000 00 



$3,021,844 18 

$142,844 54 

1,640,767 49 

628,477 20 

275,822 05 

53,445 95 

1,729,000 00 



$4,470,357 23 

$79,834 66 
337,746 70 

2,114,919 37 



$2,532,500 73 

$990,478 82 

7,041,863 84 

12,150 78 

311,922 91 

155,427 67 

720,736 44 

183,938 93 

873,312 15 

59,941 20 

221,537 17 

181,072 73 



$10,752,382 64 



$3,226,275 11 

$136,169 08 

1,699,568 11 

804,309 30 

326,959 57 

44,844 36 

1,022,000 00 



$4,033,850 42 

$85,059 57 

457,635 12 

965,000 00 

3,061,297 21 



$4,568,991 90 

$1,008,465 02 

7,646,971 90 

15,715 67 

296,455 06 

206,948 02 

735,178 90 

219,632 87 

920,926 65 

75,141 23 

214,559 69 

184,828 17 



$189,806 92 

2,784,370 28 

18,549 67 

78,838 28 

40,125 98 

80,608 36 

251,258 31 

296,957 55 

43,200 00 



$3,783,715 35 

$130,546 65 

1,550,450 88 

593,667 37 

272,509 31 

38,545 60 

1,704,320 00 



$4,290,039 81 

$78,597 01 

328,835 05 

256,480 00 

2,316,746 53 



$11,524,823 18 



$2,980,658 59 

$870,231 52 
6,858,788 30 

20,450 89 
267,635 58 
236,186 71 
819,994 25 
199,113 10 
859,285 35 

75,298 44 
168,891 80 
155,006 35 



$10,530,882 29 



19 



Operating Expense Accounts — Concluded. 



1921. 



1920. 



1919. 



Traffic. 

Traffic 

General and Miscellaneous. 
Salaries and expenses of general officers and clerks 
General office supplies and expenses 

Law expenses 

Relief department, expenses, pensions and gratuities 
Miscellaneous general expenses 
Injuries and damages 

Insurance 

Stationery and printing . 
Store, garage and stable expenses 
Rent of tracks and facilities 
Rent of equipment . 

Total general and miscellaneous 

Total operating expenses . 



$2,401 23 

$412,724 08 

81,760 91 

62,180 47 

60,291 17 

75,270 56 

665,798 02 

287,406 21 

92,120 81 

286,504 07 

24,212 73 

15,301 95 



$2,063,570 98 
$22,843,056 99 



$3,357 91 

$408,825 79 

198,992 05 

35,941 44 

43,837 44 

75,865 97 

785,971 56 

372,849 38 

108,569 70 

350,969 92 

13,998 99 

16,001 35 



$4,758 03 

$389,588 64 

78,026 75 

20,142 84 

34,743 75 

68,941 20 

830,663 98 

274,052 74 

82,991 60 

294,184 04 

13,789 55 

23,160 25 



$2,411,823 59 
$25,769,122 11 



$2,110,285 34 
$23,700,339 41 



Traffic Statistics — Year ending December 31. 





1921. 


1920. 


1919. 


Round trips operated .... 






5,778,881 


5,770,692 


6,588,226 


Passenger revenue ..... 






$32,253,629 59 


$33,108,946 48 


$28,767,544 11 


Passenger revenue per car mile (cents) 






64.89 


64.62 


53.74 


Passenger revenue per car hour 






$7,361 


$7,155 


$6,057 


Passenger revenue mileage 






49,706,697 


51,237,527 


53,533,522 


Passenger revenue car hours 






4,381,815 


4,627,295 


4,749,318 


Revenue passengers carried 






337,252,080 


335,526,561 


324,758,685 


Revenue passengers carried per car mile 






6.785 


6.548 


6.066 


Revenue passengers carried per car hour 






76.97 


72.51 


68.38 



20 



Passenger Cars, Surface Lines Equipment, Dec. 31, 1921. 



Type of Car. 


Number 
owned. 


Brake 
Equip- 
ment. 


Truck 
Equip- 
ment. 


Control Equip- 
ment. 


Seating 
Capac- 
ity. 


Semi-convertible prepayment type: 












No. 1 Type, 32 feet .... 


40 


Air . 


Double 


G. E. M. Type . 


48 


No. 2 Type, 33K feet . 




37 


Air . 


Double 


G. E. Auto 


52 


No. 3 Type, 33^ feet . 




91 


Air . 


Double 


G. E. Auto 


52 


No. 4 Type, 34^ feet . 




47 


Air . 


Double 


West. H. L. 


52 


No. 4-A Type, 34^ feet 




48 


Air . 


Double 


West. H. L. 


52 


No. 4-A2 Type, 34^ feet 




75 


Air . 


Double 


G. E. M. . 


52 


No. 4-A3 Type, 34% feet 




97 


Air . 


Double 


West. H. L. 


52 


Spec. Type, 34^ feet . 




10 


Air . 


Double 


G. E. Auto 


52 


Total semi-convertible 


445 




Center entrance prepayment motor cars 


f 200 
[ 196 


Air . 
Air . 


Double 
Double 


G. E. P. C. 5 . 
W. H.— A-B-P-C 


58 
58 


Center entrance prepayment trailer cars 


220 


Air . 


Double 


None . 


62 


Safety type, one man, prepayment 


75 


Air . 


Single 


K-10-Q . 


32 


Articulated prepayment: 












Double, 20-foot type .... 


39 


Air . 


Double 


K 


52 


Double, 25-foot type .... 


76 


Air . 


Quadruple 


K 


68 


Total articulated .... 


115 




Box cars: 












26H-foot (14 are prepayment) 


60 


Air . 


Double 


K 


36 


25-foot 


292 


Hand 


Double 


K 


34 


24-foot (parlor) 


1 


Air . 


Double 


M 


Chairs 


20-foot (parlor) 


1 


Hand 


Single 


K . . . 


Chairs 


16-foot (parlor) 


1 


Hand 


Single 


K 


Chairs 


Total box cars 


355 




Open cars: 












12-bench . . . . « . 


42 


Hand 


Double 


K . . . 


60 


9-bench (ambulance car) . 


1 


Hand 


Single 


K and Rheo. 


45 


Total open cars .... 


43 




Total surface passenger cars . 


1,649 











21 



Passenger Caes, Rapid Transit Lines. 



Type of Car. 


Number 
owned. 


Brake 
Equip- 
ment. 


Truck 
Equip- 
ment. 


Control Equip- 
ment. 


Seating 
Capac- 
ity. 


Elevated cars: 
Wood and steel (4 end and 2 side doors) 


112 
209 


Air . 

Air . 

Air . 


Double 
Double 

Double 


G. E. Auto 
G. E. Auto 

West. A. L. 


48 
48 


Cambridge-Dorchester tunnel (6 side 
doors). 


321 
95 


72 


Total rapid transit lines . 
Total passenger cars owned 


416 
2,065 





Other Equipment. 

Newspaper car 1 

Service cars (179 surface, 24 rapid transit) 192 

Snow ploughs, electric 174 

Snow sweepers, electric 14 

Electric shovels 2 

Snow removers, horse 14 

Snow ploughs, horse 2 

Snow sleds . . - 544 

Miscellaneous vehicles 265 

Horses 107 

All electric car motors (955 rapid transit, 6,112 surface) 7,067 






22 



BOSTON ELEVATED RAILWAY COMPANY, 
TRUSTEE. 

Statement of Special Trust Fund, Dec. 31, 1921. 

Principal of trust fund as established $1,500,000 00 

Accretions and accumulations of income to Dec. 31, 1921 . . 636,739 89 

Total $2,136,739 89 

Investment in marketable securities and real estate . . . $2,130,670 83 
Cash 6,069 06 

Total $2,136,739 89 

The above trust fund is held by the Boston Elevated Railway 
Company under chapter 740, Acts of 1911, — "An Act to authorize 
the consolidation of properties and franchises of the Boston Elevated 
Railway Company and the West End Street Railway Company," — 
and represents the proceeds from the sale to the Boston Elevated 
Railway Company of real estate of the West End Street Railway 
Company which was not required in the conduct of the business. The 
amount so received ($1,500,000) is to be held by the Boston Elevated 
Railway Company and invested by it and allowed to accumulate 
until the tenth day of June, 1922, when the consolidation of the two 
companies is to take place. Thereafter the annual income therefrom 
shall be applied toward the purchase and retirement of the second 
preferred stock of the Boston Elevated Company. No part of this 
fund or its income can be used for any other purpose. 



) 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OE THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1922 



BOSTON 

WRIGHT & POTTER PRINTING COMPANY 

32 DERNE STREET 

1923 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1922 



BOSTON 

WRIGHT & POTTER PRINTING COMPANY 

32 DERNE STREET 

1923 






BOARD OF TRUSTEES. 

(Appointed by the Governor of Massachusetts, pursuant to Chapter 159 of the Special 

Acts of 1918.) 

JAMES F. JACKSON, Chairman. 



WINTHROP COFFIN. 
STANLEY R. MILLER. 



J. FRANK O'HARE. 
SAMUEL L. POWERS. 



OFFICERS. 

(Appointed by the trustees.) 



EDWARD DANA 
HENRY L. WILSON 
JOHN H. MORAN 
H. WARE BARNUM 
RUSSELL A. SEARS 



General Manager. 
Treasurer. 
General Auditor. 
General Counsel. 
General Claims Attorney, 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 
OF THE BOSTON ELEVATED RAILWAY. 



The public trustees of the Boston Elevated Railway respectfully 
submit their fourth annual report. 



Result of Operation. 

The fourth calendar year of public operation shows a balance re- 
maining after providing for all costs of service of $1,545,055.84 after 
making allowance for delayed charges and credits. In July the 
trustees, having restored the reserve fund to $1,000,000 as required by 
law, paid $517,196.45 to the cities and towns on account of their loan 
to meet the deficit of the first year of public operation. The unpaid 
balance of that loan is now $3,462,955.22. A substantial surplus is 
expected to be available next July for the second payment to these 
cities and towns. The probable amount cannot be definitely stated 
in view of the well-known sensitiveness of railway costs to climatic 
conditions and market fluctuations in the commodities which are 
largely used. The succession of storms during the past six weeks has 
already cost more than $200,000. Change of a dollar in price of a ton 
of coal makes a difference of $275,000 in operating expense for the 
year. 

When, a year ago, it became known that the railway had reached 
a self-supporting basis, the news aroused from every quarter demands 
that had been held in abeyance while the trustees were engaged in the 
financial struggle against operating losses and for restoration of credit. 

The tax-paying public urged the prompt reimbursement of their 
loan of 1919. This was their right under the statute. A large riding 
public who were dependent upon small incomes appealed for lower 



6 

fares. They, too, had a good cause. An equally large traveling 
public less interested in fares than in service urged larger accommoda- 
tion. Restricted in law and still limited in revenue the trustees have 
endeavored to meet in part each of these public needs. A large pay- 
ment was made into municipal treasuries in reimbursement of loan. 
The 5-cent fare has been extended from time to time under the plan 
adopted for its development. As soon as practicable this service 
should completely cover transportation between community centers 
and their adjacent neighborhoods. It must be borne in mind, how- 
ever, that the 5-cent fare cannot now nor in the future become a 
general substitute for or an active competitor with the higher basic 
fare, whether that be as at present, 10 cents, or as it may be later, a 
lower charge. No substantial invasion of net revenue can be allowed 
until cities and towns have been reimbursed, nor wherever such in- 
vasion would unreasonably postpone reduction in the higher fare. 

To meet the request for larger accommodation, additional beneficial 
changes have been made in operation. 

Any radical change in the character of service is ordinarily followed 
by a period of adaptation on the part of both employee and public 
and by the removal of avoidable annoyances at first incident to its 
introduction. Full recognition of the meaning of an improvement 
cannot be expected until this period has elapsed. A case in point is 
found in the recent change in service connected with the establishment 
of train operation between Lechmere Square and Kenmore station. 
This means quicker service, larger accommodation and a saving of 
waste mileage, but full appreciation of that fact awaits the perfection 
of detail in operation and familiarity with the new order of things. 
It is a long step toward the exclusive use of trains in the subway, 
which can provide the only quick method for lessening congestion at 
Park Street. 

During the year, with a view to more efficient service, additions 
have been made to rolling stock. Thirty-six new steel cars for the 
elevated service have been placed in commission. Additional flat cars 
and snow sweepers have been purchased. In April 100 semi-con- 
vertible cars of the most modern type were ordered and 71 of them 
are now in use. These cars may be operated by either one man or 
by two men, are equipped with the latest safety devices, and as a 






one-man car are far better adapted to the service than the light weight 
one-truck Birney type, or any of the two-man cars which have been 
converted for one-man operation. 

Recently 100 more of this type of cars have been ordered for early 
delivery. For train service in the East Boston tunnel 40 steel cars 
have been ordered. 

During the year approximately 21 miles of track have been rebuilt 
and 7| miles improved by substantial repairs. 

The new lobby for employees and the storage yard at Salem Street 
in Medford and the car house at Bennett Street in Cambridge have 
been completed. The new elevated car repair shop at Forest Hills is 
about completed and ready for use. 

The first unit of the new storehouse at George Street in Charles- 
town for the use of the maintenance department is nearly complete 
and the construction of the second unit under way. 

Though the railway is not yet in good operating condition, nor 
accommodations yet at the standard which they are expected to 
reach, nevertheless material progress has been steadily made toward 
the goal. It has been understood from the beginning that improve- 
ments must be gradual and that effort to bring them about must 
cover a considerable period of time. Four of the five years that have 
been named as that period have elapsed. 

Any substantial reduction in the 10-cent fare must still await re- 
payment of the loan to cities and towns, and legislation that will re- 
move certain burdens that are unjust to the car rider. 

Receipts and Expenditures. 

The following comparative table presents a summary of receipts 
and expenditures for the past and preceding years: — 



8 



Comparative Division of Receipts and Expenditures for Year ending December 31, 





1922. 


1921. 


1920. 


1919. 


1918. 


Total receipts .... 


$32,699,176 37 


$33,277,025 53 


$34,031,636 44 


$29,498,582 82 


$21,062,692 82 


Operating expenses: 












Wages 


$14,772,340 42 


$15,563,255 53 


$17,216,445 20 


$15,539,105 59 


$11,007,362 35 


Material and supplies . 


2,903,650 98 


3,093,934 69 


3,310,858 94 


3,640,065 60 


3,248,317 15 


Injuries and damages . 


555,355 59 


518,249 02 


640,165 04 


701,907 28 


792,783 % 


Depreciation 


2,004,000 00 


2,004,000 00 


2,004,000 00 


2,004,000 00 


1,184,670 00 


Fuel 


1,853,111 76 


1,663,617 75 


2,597,652 93 


1,815,260 94 


1,762,963 86 


Total operating expenses . 


$22,088,458 75 


$22,843,056 99 


$25,769,122 11 


$23,700,339 41 


$17,996,097 32 


Taxes 


1,587,186 83 


1,546,758 15 


1,142,987 28 


1,045,502 36 


917,515 49 


Rent of leased roads (including 
dividend rental under chap- 
ter 159, Acts of 1918). 

Subway and tunnel rents 


3,646,595 75 
2,008,414 25 


4,203,061 72 
1,963,737 78 


4,102,230 36 
1,790,432 30 


4,002,656 93 
1,516,047 01 


3,233,546 13 
1,235,974 55 


Interest on borrowed money 


1,891,315 57 


1,494,258 43 


1,514,963 98 


1,555,790 06 


1,302,157 14 


Miscellaneous items 


65,016 14 


54,707 59 


59,067 65 


60,346 93 


22,343 21 


Total cost of service . 


$31,286,987 29 


$32,105,580 66 


$34,378,803 68 


$31,880,682 70 


$24,707,633 84 


Loss for year .... 


- 


- 


$347,167 24 


$2,382,099 88 


$3,644,941 02 


Gain for year .... 


$1,412,185 08 


$1,171,444 87 


- 


- 


- 



9 



Allocation of- r&c&ipt5 

PErfc PASS£N<3&R 

\Z Months Ending Dec&MB&R 3!, I3ZZ 

AveRA<3£; R&C&1PTS P&R R&V&NUfc PASSE-N6&R 



* 




LABOR 



10 



Traffic. 

The following tables show that 19,341,862 more revenue passengers 
were carried in this year than in last year, and that the total of 
356,593,942 is the largest number carried in any year of public opera- 
tion. This is in part due to the general awakening of business activi- 
ties and in part to the extension of 5-cent fare routes. 

It is significant that whereas there was a substantial gain in week- 
day traffic there was no similar gain on Sundays or holidays, the days 
when the use of private automobiles is largest. 

The increase of 868,391 miles in car mileage and of 285,947 round 
trips in comparison with the record of the preceding year measures the 
increase in the service given. 

Comparative Passenger Statistics — Revenue Passengers carried. 



Yeak. 



Week Day 
Average. 



Saturday 
Average. 



Sunday 
Average. 



Holiday 
Average. 



Total for 
Year. 



1922 
1921 
1920 
1919 
1918 
1917 
1916 
1915 



1,030,303 
975,745 
960,737 
934,918 
985,384 
1,073,943 
1,050,038 
992,283 



1,144,320 
1,068,295 
1,072,319 
1,078,635 
1,147,809 
1,249,588 
1,218,749 
1,140,046 



617,148 
578,860 
591,063 
596,182 
658,902 
728,847 
718,804 
685,726 



691,890 
696,691 
703,634 
706,429 
775,634 
857,902 
832,962 
846,860 



356,593,942 
337,252,080 
335,526,561 
324,758,685 
348,664,700 
381,017,338 
373,577,908 
352,469,586 



Traffic Statistics, Year ending December 81. 






1922. 


1921. 


1920. 


1919. 


Round trips operated .... 

Passenger revenue per car mile (cents) . 

Passenger revenue per car hour 

Passenger revenue mileage 

Passenger revenue car hours 

Revenue passengers carried 

Revenue passengers carried per car mile . 

Revenue passengers carried per car hour . 


6,059,531 

$31,834,022 77 

62.94 

$7 09 

50,575,088 

4,487,400 

356,593,942 

7.051 

79.47 


5,773,584 

$32,253,629 59 

64.89 

$7 36 

49,706,697 

4,381,815 

337,252,080 

6.785 

76.97 


5,764,347 

$33,108,946 48 

64.62 

$7 16 

51,237,527 

4,627,295 

335,526,561 

6.548 

72.51 


6,578,069 

$28,767,544 11 

53.74 

$6 06 

53,533,522 

4,749,318 

324,758,685 

6.066 

68.38 



11 



One-Man Cars. 

The increasing use of the one-man car on railways throughout the 
country as a practical economy in operation has been attracting wide 
attention. A general change to this type of car has undoubtedly 
rescued some railways from insolvency. 

The trustees of the Boston Elevated believe that where there is no 
compelling need of the most drastic economy the general substitution 
of the one-man car is not desirable. They are convinced, however, 
that the one-man car has its proper place upon this railway, as proper 
as that of the train or the individual two-man car or the motor 
omnibus; that its use means more frequent service and often makes 
possible the development of the 5-cent fare. They do not agree that 
it is suited to conditions of heavy traffic for the reason that its use is 
then apt to annoy passengers in boarding the car and to interrupt 
schedules, causing delays that interfere with convenient and efficient 



service. 



Power. 



Owing to the fact that the large generator at South Boston was for 
a long time in commission at less than its maximum efficiency, it was 
necessary in order to accommodate the additional traffic to burn a 
larger amount of coal. It is observable that the maximum hour load 
in December was greater than in any previous December. 

Additional rotary converters have been installed at the stations in 
Roslindale and East Boston. 

The 35,000-kilowatt generator at South Boston has been recon- 
structed and again placed in service, and a new boiler house and two 
boilers are under construction at that station. 







1922. 


1921. 


1920. 


1919. 


1918. 


1917. 


1916. 


Tons of coal burned . 


273,441 


215,870 


258,087 


287,670 


281,677 


270,452 


254,735 


Pounds of coal per kilo- 
watt hour. 


2.553 


2.174 


2.353 


2.835 


2.772 


2.309 


2.256 


Average price of coal 

per ton. 
Net cost of power for 


$6 777 
1.414 


$7 71 
1.172 


$10 07 
1.921 


$5 91 
1.307 


$6 26 
1.158 


$4 19 
.620 


$3 35 
.534 


car service per kilo- 
watt hour (cents). 

Net cost of power per 
total revenue car mile 
(cents). 

D. C. annual output 
(kilowatts). 

D. C. maximum hour 
output (kilowatts). 


6.153 

239,905,874 


4.815 
222,461,060 


8.538 
245,676,503 


5.439 
239,892,118 


4.668 
227,582,057 


2.573 

262,343,882 


2.137 

252,896,235 


78,755 


75,905 


72,295 


71,760 


67,965 


79,535 


75,380 



12 



New Shops. 

The first unit of the modern system of repair shops now under con- 
struction at Everett will be ready for use before the end of the present 
year. No want of facilities has been so conspicuous as that of proper 
equipment for painting, repairing and maintaining cars. When funds 
from the sale of the Cambridge subway became available, the work of 
erecting suitable shops was promptly begun, and with the completion 
of this first unit a long step will have been taken toward removing 
the waste and ending the evils of attempting to take care of modern 
rolling stock with obsolete equipment originally designed for horse car 
operation. 

Maverick Square. 

The changes at the Maverick Square terminal of the East Boston 
tunnel are nearing completion. As soon as the work is finished the 
tunnel will be available at full capacity for operation by train service, 
and the center entrance cars now in use there will be released for use 
at other places. 

Harvard Square. 

At Harvard Square the work of extending platforms is now in 
progress and should be complete at an early date. This improvement 
will bring relief to those who have long suffered from lack of adequate 
accommodation in boarding outbound cars to North Cambridge and 
Arlington. 

Dorchester Tunnel. 

One of the most important railway measures before the Legislature 
last winter proposed the extension of the rapid transit facilities from 
Andrew Square to Fields Corner in connection with the purchase or 
taking of the Shawmut branch of the New York, New Haven & 
Hartford Railroad. A bill to carry out this plan, based upon the 
previous study and recommendation of the Department of Public 
Utilities, is before the present Legislature. The trustees have favored 
this project as the only one that will effectually relieve the congestion 
at Andrew Square, where in rush hours passengers crowd the cars and 
the cars crowd the tracks. Surely large public interests call for the 
enactment of this bill. 



13 



Consolidation of West End with Boston Elevated. 

On the 10th of last June the railway property of the West End 
Street Railway Company, which had been operated since October, 
1897, by the Boston Elevated under lease from the West End, was 
consolidated with the railway property of the Boston Elevated under 
the provisions of chapter 740 of the Acts of 1911. The consolidation 
was effected as provided in the statute by an exchange of the out- 
standing preferred and common stock of the West End at par for an 
equal amount at par of first preferred and second preferred stock of 
the Boston Elevated. 



Future Development. 

Though people are naturally most concerned with improvements 
in present-day facilities, a look into the future is opportune at this 
time not merely for a vision of transportation possibilities but for the 
answer that a study of the situation will give to many proposals now 
being made for changes in existing structures under a shortsighted 
piece-meal method of developing rapid transit. 

At a hearing before the Department of Public Utilities in Sep- 
tember, the trustees submitted an outline sketch of possible exten- 
sions of service. The plan was suggestive only, was not elaborate in 
detail, and did not reflect the conclusions of engineering experts. It 
served its purpose, however, in calling attention to the present need 
of some comprehensive and harmonious plan to which individual ex- 
tensions of this railway should hereafter conform. 

One feature of the sketch proposes an independent trunk subway 
in Huntington Avenue which would provide a future extension to the 
north of Boston. This would bring additional rapid transit where the 
need is imperative. It would also provide a permanent improvement 
in place of makeshift changes at Park Street, making the station 
there less of a terminal station and a more adequate way station. 
Another feature of the sketch proposes an extension of rapid transit 
to the north of Boston through use of the Saugus branch of the 
Boston & Maine Railroad in connection with the elevated line that 
now has a temporary terminal in Everett. 

The Metropolitan Planning Board advocated by the Boston 



14 

Chamber of Commerce and recommended by the Department of 
Public Utilities could achieve much for the public welfare in the 
study and determination of the proper methods for the development 
of railway transportation. 

JAMES F. JACKSON. 

WINTHROP COFFIN. 

STANLEY R. MILLER. 

J. FRANK O'HARE. 

SAMUEL L. POWERS. 

Jan. 29, 1923. 



15 



CERTIFICATE. 



131 State Street, Boston, Jan. 29, 1923. 

Mr. James F. Jackson, Chairman, Mr. Winthrop Coffin, Mr. Stanley R. 
Miller, Mr. Samuel L. Powers, Mr. J. Frank O'Hare, Trustees, Boston 
Elevated Railway Company, Boston, Mass. 

Sirs : — We have examined the accounts of the Boston Elevated 
Railway Company for the year ending Dec. 31, 1922, and we report 
upon the company's financial statements for the year, presented here- 
with, as follows: — 

Road and equipment are shown at book values without adequate 
provision for depreciation prior to June 30, 1918, but, in our opinion, 
the depreciation provided for the year under review, in pursuance of 
the plan for depreciation reserves thereafter adopted by the trustees, is 
adequate. 

The securities owned by the company were produced for our in- 
spection and are carried at cost values, which, in some cases, exceed 
the market values. We have verified the current assets as shown by 
the books, and have satisfied ourselves that the liabilities are correctly 
stated. 

We hereby certify that, subject to the foregoing comments, the accom- 
panying balance sheet is in accordance with the books and correctly 
states the financial condition of the Boston Elevated Railway Company 
at Dec. 31, 1922; and that the operating results for the year 1922 are 
fairly presented in the accompanying income statement. 

Respectfully submitted, 

PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



16 



General Balance Sheet. 



Debits. 



Dec. 31, 1922. Dec. 31, 1921 



Dec. 31, 1920. 



Investments. 
Road and equipment: 

Way and structures 

Equipment 

Power 

General and miscellaneous 

Total road and equipment . . . 

Miscellaneous physical property 

Investments in affiliated companies: 

Stocks 

Notes 

Advances: 

West End Street Railway Company, road and equip- 
ment. 

West End Street Railway Company, suspense road 
and equipment. 

West End Street Railway Company, current account 

Other companies, road and equipment 
Total investments in affiliated companies 
Other investments: 

Stocks 

Notes 

Advances, road and equipment: 
Eastern Massachusetts Street Railway Company 
Total other investments . . . ■ . 
Total investments ....... 



$58,335,275 74 

21,423,224 31 

15,690,017 53 

1,788,473 83 



$97,236,991 41 
$556,521 48 

$201,508 72 



102,851 11 



$304,359 83 

$2,552 50 
125,600 00 

142,002 38 



$270,154 88 
$98,368,027 60 



$34,344,346 80 
6,503,176 98 
9,330,904 31 
1,768,771 83 



$33,478,504 96 
5,860,282 11 
9,152,496 45 
1,736,612 62 



$51,947,199 92 

$619,319 33 

$201,509 72 

4,848,245 21 

349,421 95 

504,588 16 
884,336 34 

102,852 11 



$50,227,8% 14 
$864,186 40 

$201,509 72 
4,848,245 21 

1,524,170 90 

38,243 59 

884,336 34 

102,852 11 



$6,890,953 49 

$2,501 00 
86,700 00 

120,740 65 



$7,599,357 87 

$2,501 00 
91,400 00 

84,764 62 



$209,941 65 
$59,667,414 39 



$178,665 62 
$58,870,106 03 



17 



General Balance Sheet. 



Credits. 



Dec. 31, 1922. Dec. 31, 1921 



Dec. 31, 1920. 



Stock. 
Capital stock: 

First preferred stock 

Second preferred stock 

Preferred stock 

Common stock 

Total capital stock 

Premium on capital stock: 

Second preferred stock 

Common stock 

Total premium on capital stock . 

Total stock 

Long Term Debt. 
Funded debt unmatured: 

Miscellaneous obligations: 

6 per cent, 5-year debenture bonds, due March 1, 1924 

7 per cent, 6-year West End Street Railway Company 

bonds, due Aug. 1, 1924. 
6i per cent, 5-year West End Street Railway Company 
bonds, due Feb. 1, 1927. 

6 per cent, 5-year West End Street Railway Company 

bonds, due May 1, 1927. 
4J per cent, 20-year West End Street Railway Com- 
pany bonds, due July 1, 1930. 

4 per cent, 30-year West End Street Railway Company 
bonds, due Aug. 1, 1932. 

5 per cent, 20-year West End Street Railway Company 
bonds, due Nov. 1, 1932. 

4 per cent, 30-year debenture bonds, due May 1, 1935 . 

5 per cent, 20-year West End Street Railway Company 

bonds, due May 1, 1936. 
4J per cent, 30-year debenture bonds, due Oct. 1, 1937 . 

4 J per cent, 30-year debenture bonds, due Nov. 1, 1941 

5 per cent, 30-year debenture bonds, due Dec. 1, 1942 . 

5 per cent, 30-year West End Street Railway Company 
bonds, due March 1, 1944. 

7 per cent, 30-year West End Street Railway Company 

bonds, due Sept. 1, 1947. 

Total bonds 

Mortgage notes 

Total funded debt unmatured .... 

Non-negotiable debt to affiliated companies : 

Open accounts not subject to current settlement: 

West End Street Railway Company, lease account 

West End Street Railway Company, cash suspense 
account. 

Total non-negotiable debt to affiliated companies 

Total long-term debt 



$6,400,000 00 

14,029,850 00 

3,000,000 00 

23,879,400 00 



$47,309,250 00 

82,232,477 02 
2,707,428 13 



$4,939,905 15 
$52,249,155 15 



$1,500,000 00 
1,581,000 00 
2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 

600,000 00 
8,500,000 00 

815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 

570,000 00 



$3,000,000 00 
23,879,400 00 



$26,879,400 00 



J,707,428 13 



$2,707,428 13 
$29,586,828 13 



$1,500,000 00 



$46,221,000 00 

125,000 00 



$46,346,000 00 



$46,346,000 00 



8,500,000 00 

4,800,000 00 
5,000,000 00 
8,286,000 00 



$3,000,000 00 

23,879,400 00 

$26,879,400 00 



$2,707,428 13 



$2,707,428 13 
$29,586,828 13 



$1,500,000 00 



$28,086,000 00 

125,000 00 



$28,211,000 00 



$1,207,201 
7,746 90 



$1,214,948 88 
$29,425,948 88 



8,500,000 00 

4,800,000 00 
5,000,000 00 
8,286,000 00 



$28,086,000 00 

125,000 00 



$28,211,000 00 



$1,207,201 98 
7,746 90 



$1,214,948 88 
$29,425,948 88 



18 



General Balance Sheet — Concluded. 



Debits. 


Dec. 31, 1922. 


Dec. 31, 1921. 


Dec. 31, 1920. 


Current Assets. 
Cash 

Special deposits: 

Deposits for interest, dividends and rents unpaid . 

Special deposit of reserve fund, chapter 159, Special Acts 
of 1918. 


$825,666 20 

$804,907 37 
1,000,000 00 


$1,320,913 37 

$769,146 63 


$2,038,490 62 

$788,434 57 


Miscellaneous accounts receivable 

Interest, dividends and rents receivable .... 


$1,804,907 37 

1 00 

165,870 47 

2,418,280 09 

50,555 56 

38,139 00 


$769,146 63 

430 98 

227,734 19 

3,251,416 43 

30,308 96 

35,716 13 


$788,434 57 

1 00 

376,746 97 

3,687,118 20 

26,410 07 

33,480 52 


Deferred Assets. 


$5,303,419 69 

$3,009,892 17 


$5,635,666 69 

$802,550 00 


$6,950,881 95 
$802,550 00 


Unadjusted Debits. 
Rents and insurance premiums paid in advance 

Discount on funded debt (net) 

Other unadjusted debits: 

Cost of service deficit for twelve months ending June 30, 
1919, as provided for by reserve fund, chapter 159, 
Special Acts of 1918. 

Cost of service deficit for twelve months ending June 30, 
1919, as provided for by Commonwealth of Massa- 
chusetts, chapter 159, Special Acts of 1918. 


$3,009,892 17 

$62,701 94 
$260,251 68 

$3,462,955 22 
553,975 80 


$802,550 00 

$129,100 42 
$291,719 76 

$688,338 05 

3,980,151 67 

203,072 29 


$802,550 00 

$227,195 73 
$323,187 84 

$1,000,000 00 

3,980.151 67 

253,690 19 


Total other unadjusted debits 


$4,016,931 02 
$4,339,884 64 

$111,021,224 10 


$4,871,562 01 
$5,292,382 19 

$71,398,013 27 


$5,233,841 86 
$5,784,225 43 

$72,407,563 41 



19 



General Balance Sheet — Concluded. 



Credits. 


Dec. 31, 1922. 


Dec. 31, 1921. 


Dec. 31, 1920. 


Current Liabilities. 


$1,800,000 00 


$2,463,372 13 


$3,029,672 74 


Audited accounts and wages payable .... 


1,082,533 97 


1,208,320 20 


2,229,714 66 


Matured interest, dividends and rents unpaid 


805,112 87 


770,352 13 


789,640 07 


Matured funded debt unpaid 


1,000 00 


- 


- 


Accrued interest., dividends and rents payable: 








Accrued interest on funded debt 


$516,001 66 


$216,441 67 


$216,441 67 


Accrued interest on loans and notes payable 


343 03 


1,726 74 


3,224 81 


Accrued rents, leased roads, West End Street Railway 

Company. 
Accrued rents, leased roads, other companies 


8,188 90 


519,834 87 
8,067 30 


519,834 87 
7,556 67 


Accrued rents, subway and tunnels .... 


87,543 30 


116,755 02 


105,579 46 


Accrued interest on unpaid taxes 


- 


2,896 00 


9,170 84 


Accrued rents, leased roads, Boston Elevated Railway 
Company, dividend rental. 


245,522 37 


- 


- 


Total accrued interest, dividends and rents payable 


$857,599 26 


$865,721 60 


$861,808 32 


Total current liabilities 


$4,546,246 10 


$5,307,766 08 


$6,910,835 79 


Deferred Liabilities. 
Other deferred liabilities 


$38,751 14 


$38,952 50 


$53,159 31 


Total deferred liabilities 


$38,751 14 


$38,952 50 


$53,159 31 


Unadjusted Credits. 
Tax liability 


$844,531 22 


$733,233 02 


$397,731 37 


Premium on funded debt 


$370,548 58 


- 


- 


Insurance and casualty reserves: 








Insurance reserve 


- 


- 


$40,382 59 


Total insurance and casualty reserves 


- 


- 


$40,382 59 


Operating reserves: 








Injury and damage reserve 


$906,601 92 


$918,042 56 


$988,684 73 


Total operating reserves 


$906,601 92 


$918,042 56 


$988,684 73 


Accrued depreciation of property 


$2,058,493 73 


$1,503,431 44 


$1,880,997 55 


Other unadjusted credits: 








Outstanding tickets and checks 


$102,233 66 


$93,888 66 


$93,733 07 


Amount advanced by Commonwealth of Massachusetts 
under chapter 159, Special Acts of 1918, account of 
deficit in cost of service for twelve months ending 
June 30, 1919. 

Other unadjusted credits 

Total other unadjusted credits 


3,462,955 22 
25,744 90 


3,980,151 67 
48,747 52 


3,980,151 67 
39,798 31 


$3,590,933 78 


$4,122,787 85 


$4,113,683 05 


Total unadjusted credits 


$7,771,109 23 


$7,277,494 87 


$7,421,479 29 


Corporate Surplus. 
Profit and loss: 








Balance June 30, 1918 . 


$173,083 65i 


$238,977 17i 


$184,728 61 » 


Balance since June 30, 1918 


339,521 34 


- 


805,959 38' 


Balance arising out of consolidation with West End 
Street Railway Company, June 10, 1922. 

Total corporate surplus 


96,475 21 i 


- 


- 


$69,962 48 


$238,977 17i 


$990,687 99> 


Total credits 


$111,021,224 10 


$71,398,013 27 


$72,407,563 41 



i Debit. 



20 



Income Statement. 



Twelve 

Months ending 

Dec. 31, 1922. 



Twelve 

Months ending 

Dec. 31, 1921 



Twelve 

Months ending 

Dec. 31, 1920. 



Operating Income. 

Passenger revenue 

Special car revenue 

Mail revenue 

Express revenue 

Miscellaneous transportation revenue 
Total revenue from transportation . 

Station and car privileges 

Rent of tracks and facilities 

Rent of equipment 

Rent of buildings and other property 

Power 

Miscellaneous 

Total revenue from other railway operations 
Total railway operating revenues 
Railway operating expenses: 

Way and structures 

Equipment 

Power 

Conducting transportation 

Traffic "..'■. 

General and miscellaneous 

Transportation for investment . 

Total railway operating expenses . 

Per cent of operating expenses to operating revenues 

Per cent of operating expenses to operating and non- 
operating income. 
Net revenue, railway operations 

Taxes assignable to railway operations . 

Operating income 

Non-operating Income. 

Income from lease of road 

Dividend income 

Income from funded securities 

Income from unfunded securities and accounts 



$31,817,072 46 

16,950 31 

391 30 

50,132 45 

9,131 66 



$31,893,678 18 

$310,830 35 

29,706 88 

3,705 20 

112,829 09 

81,004 13 

21,079 96 



$559,155 61 
$32,452,833 79 

$3,335,892 96 

3,333,241 54 

3,261,918 91 

10,040,831 82 

3,032 88 

2,145,070 71 

31,530 07i 



$22,088,458 75 

68.06 

67.55 

$10,364,375 04 

1,587.186 83 

$8,777,188 21 

$823 40 

9,181 75 

5,147 62 

196,030 85 



$32,237,396 47 

16,233 12 

578 98 

44,154 94 

3,838 20 



$33,096,763 69 

12,182 79 

737 10 

88,657 99 

4,383 17 



$32,302,201 71 

$305,937 96 

26,051 00 

1,659 83 

111,951 20 

84,932 67 

20,318 76 



$550,851 42 
$32,853,053 13 

$3,021,844 18 
4,470,357 23 
2,532,500 73 

10,752,382 64 

2,401 23 

2,063,570 98 



$22,843,056 99 

69.53 

68.65 

$10,009,996 14 

$1,546,758 15 

$8,463,237 99 

$823 40 

9,180 00 

4,503 41 

375,158 65 



$33,202,724 74 

$300,228 32 

39,059 11 

1,644 27 

100,499 45 

92.192 00 

14,514 61 



$548,137 76 
$33,750,862 50 

$3,226,275 11 
4,033,850 42 
4,568,991 90 

11,524,823 18 

3,357 91 

2,411,823 59 



$25,769,122 11 

76.35 

75.72 

$7,981,740 39 

$1,142,987 28 

$6,838,753 11 

$823 40 

9,180 00 

6,356 89 

233,379 60 



i Credit. 



21 



Income Statement — Concluded. 





Twelve 

Months ending 

Dec. 31, 1922. 


Twelve 

Months ending 

Dec. 31, 1921. 


Twelve 

Months ending 

Dec. 31, 1920. 


N ON-OPERATING INCOME — Con. 

Cncome from sinking fund and other reserves 


$33,280 00 
1,878 96 


$33,280 00 
1,026 94 


$28,853 33 
2,180 72 


Total non-operating income 

Deductions from Gross Income. 

Rent for leased roads: 

West End Street Railway Company .... 

West End Street Railway Company, Tremont Street 
subway. 

Boston Elevated Railway Company, dividend rental . 


$246,342 58 
$9,023,530 79 

$1,184,360 67 

81,263 66 

49,119 85 

2,413,115 23 


$423,972 40 
$8,887,210 39 

$2,630,780 24 

182,512 32 

48,914 48 


$280,773 94 
$7,119,527 05 

$2,590,258 15 

177,686 09 

48,303 71 


Total rent for leased roads 

Miscellaneous rents 

Net loss on miscellaneous physical property . 

Interest on funded debt 

Interest on unfunded debt 

Amortization of discount on funded debt 
Miscellaneous debits .... 


$3,727,859 41 

1,927,150 59 
8,732 53 

1,831,394 45 
59,921 12 
31,468 08 
24,815 53 


$2,862,207 04 

1,781,225 46 

6,959 96 

1,292,800 00 

201,458 43 

31,468 08 

16,279 55 


$2,816,247 95 

1,612,746 21 

9,325 77 

1,307,018 75 

207,945 23 

34,860 38 

14,881 50 


Total deductions from gross income .... 
Net income transferred to credit of profit and loss 
Dividends, Boston Elevated Railway Company 


$7,611,341 71 


$6492,398 52 

$2,694,811 87 
1,523,367 00 


$6,003,025 79 

$1,116,501 26 
1,463,668 50 


Balance after cost of service ..... 


$1,412,189 08 


$1,171,444 87 


$347,167 24i 



1 Deficit. 



22 



Opekating Expense Accounts. 



1922. 



1921. 



1920. 



Way and Structures. 
Superintendence of way and structures . 

Maintenance of track and roadway (except snow and ice) 

Removal of snow and ice 

Roadway structure 

Signal and telephone and telegraph lines 

Other miscellaneous way expenses 

Maintenance, of electric line equipment . 

Maintenance of buildings, fixtures and grounds 

Depreciation of way and structures .... 

Total way and structures 

Equipment. 
Superintendence of equipment 

Maintenance of cars 

Maintenance of electrical equipment of cars . 

Shop expenses 

Miscellaneous equipment, vehicles, horses, etc. 

Depreciation of equipment ...... 

Total equipment 

Power. 
Superintendence of power 

Maintenance of power plants 

Depreciation of power plant buildings and equipment . 

Operation of power plants 

Total power 

Conducting Transportation. 
Superintendence of transportation 

Passenger conductors, motormen and train men 

Freight conductors, motormen and trainmen . 

Miscellaneous car service employees .... 

Miscellaneous car service expenses 

Station employees 

Station expenses 

Car house employees 

Car house expenses ........ 

Operation of signal and telephone and telegraph lines . 

Other transportation expenses 

Total conducting transportation .... 



$210,733 57 

1,615,411 69 

103,291 10 

99,612 69 

22,134 98 

20,846 29 

261,353 24 

381,269 40 

621,240 00 



$3,335,892 96 

$138,091 81 

1,537,888 99 

556,663 00 

260,482 60 

58,605 14 

781,560 00 



$3,333,241 54 

$82,017 24 

346,884 10 

601,200 00 

2,231,817 57 



$3,261,918 91 

$970,988 98 

6,442,707 49 

13,967 87 

278,650 32 

142,702 09 

720,977 04 

209,368 86 

803,570 03 

56,782 25 

210,814 74 

190,302 15 



$211,850 11 

1,724,134 42 

63,460 07 

96,630 14 

23,370 33 

14,012 13 

278,348 00 

335,038 98 

275,000 00 



$194,428 55 

1,642,612 96 

615,548 70 

79,253 48 

45,728 82 

19,163 99 

264,490 05 

348,048 56 

17,000 00 



$3,021,844 18 

$142,844 54 

1,640,767 49 

628,477 20 

275,822 05 

53,445 95 

1,729,000 00 



$4,470,357 23 

$79,834 66 
337,746 70 

2,114,919 37 



$10,040,831 82 



$2,532,500 73 

$990,478 82 

7,041,863 84 

12,150 78 

311,922 91 

155,427 67 

720,736 44 

183,938 93 

873,312 15 

59,941 20 

221,537 17 

181,072 73 



$3,226,275 11 

$136,169 08 

1,699,568 11 

804,309 30 

326,959 57 

44,844 36 

1,022,000 00 



$4,033,850 42 

$85,059 57 

457,635 12 

965,000 00 

3,061,297 21 



$10,752,382 64 



$4,568,991 90 

$1,008,465 02 

7,646,971 90 

15,715 67 

296,455 06 

206,948 02 

735,178 90 

219,632 87 

920,926 65 

75,141 23 

214,559 69 

184,828 17 



$11,524,823 18 



23 



Operating Expense Accounts — Concluded. 



1922. 



1921. 



1920. 



Traffic. 



Traffic 



General and Miscellaneous. 
Salaries and expenses of general officers and clerks 
General office supplies and expenses 

Law expenses 

Relief department expenses, pensions and gratuities 
Miscellaneous general expenses 
Injuries and damages 

Insurance 

Stationery and printing . 
Store, garage and stable expenses 
Rent of tracks and facilities 
Rent of equipment . 

Total general and miscellaneous 
Transportation for investment 
Total operating expenses . 



i Credit 



$3,032 88 

$400,528 25 

77,789 71 

44,712 34 

94,365 35 

70,121 41 

692,800 52 

290,157 08 

121,134 97 

309,172 83 

23,275 28 

21,012 97 



$2,145,070 71 
$31,530 07i 
$22,088,458 75 



$2,401 23 

$412,724 08 

81,760 91 

62,180 47 

60,291 17 

75,270 56 

665,798 02 

287,406 21 

92,120 81 

286,504 07 

24,212 73 

15,301 95 



$3,357 91 

$408,825 79 

198,992 05 

35,941 44 

43,837 44 

75,865 97 

785,971 56 

372,849 38 

108,569 70 

350,969 92 

13,998 99 

16,001 35 



$2,063,570 98 



$22,843,055 99 



$2,411,823 59 



$25,769,122 11 



24 



Passenger Cars owned December 31, 1922. 



Surface Lines. 

Semi-convertible cars 

Semi-convertible cars, new one or two man . 

Center entrance cars 

Trailer cars 

One-man cars . . . 

Articulated cars: 

20-foot type 

25-foot type 



Total articulated cars 



Box cars: 

26£-foot 
25-foot . 
24-foot (parlor) 
20-foot (parlor) 



Total box cars 
Open cars, 9-bench .... 
Total surface passenger cars 



24 
71 



60 

210 

1 

1 



445 

71 

396 

220 

75 



95 



272 
1 



1,575 



Rapid Transit Lines. 



Elevated cars, wood and steel 
Elevated cars, steel 
Cambridge subway cars, steel 



99 

227 
95 



Total rapid transit passenger cars 421 

Grand total 1,996 



25 



BOSTON ELEVATED RAILWAY COMPANY, 
TRUSTEE. 

Statement of Special Trust Fund, Dec. 31, 1922. 

Principal of trust fund as established $1,500,000 00 

Accretions and accumulations of income to June 10, 1922 . . 707,342 17 

Total special trust fund $2,207,342 17 

Income from June 10, 1922, to Dec. 31, 1922 $20,112 98 

Investment in marketable securities and real estate . . . $2,207,242 78 
Cash on deposit $20,212 37 

The above trust fund is held by the Boston Elevated Railway Com- 
pany under chapter 740, Acts of 1911, — "An Act to authorize the 
consolidation of properties and franchises of the Boston Elevated 
Railway Company and the West End Street Railway Company," — 
and represents the proceeds from the sale to the Boston Elevated 
Railway Company of real estate of the West End Street Railway 
Company which was not required in the conduct of the business. The 
amount so received ($1,500,000) has been held by the Boston Elevated 
Railway Company and invested by it and allowed to accumulate until 
the tenth day of June, 1922. Hereafter the annual income therefrom 
will be applied toward the purchase and retirement of the second 
preferred stock of the Boston Elevated Railway Company. No part of 
this fund or its income can be used for any other purpose. 



ANNUAL REPORT 



OP THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1923 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1923 



BOARD OF TRUSTEES 



• (Appointed by the Governor of Massachusetts, pursuant to 
Chapter 159 of the Special Acts of 1918.) 

JAMES F. JACKSON, Chairman. 



WINTHROP COFFIN. 
STANLEY R. MILLER. 



J. FRANK O'HARE. 
SAMUEL L. POWERS. 



EDWARD DANA 
HENRY L. WILSON 
JOHN H. MORAN 
H. WARE BARNUM 
RUSSELL A. SEARS 



OFFICERS 

(Appointed by the Trustees.) 



General Manager. 
Treasurer. 
General Auditor. 
General Counsel. 
General Claims Attorney. 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 
OF THE BOSTON ELEVATED RAILWAY. 



The public trustees of the Boston Elevated Railway respectfully 
submit their fifth annual report. 



Results of Operation. 

The fifth calendar year of public operation showed a balance after 
providing for all costs of service and after making allowance for de- 
layed charges and credits of $399,926.41. 

In July, 1923, the Trustees turned over to the Commonwealth 
$1,114,557.82 for distribution to the cities and towns which con- 
tributed to the loan assessment to meet the deficit of the first year 
of public operation. The details of the distribution of this amount 
and of the balance of $2,348,397.40 still due the municipalities on 
this loan are shown in a statement annexed to this report. 

Owing to the increase in labor cost that followed the arbitration 
award of October which was retroactive to July 1, 1923, the cost of 
service during the last six months has shown a substantial increase. 
This increase in wage has made it necessary to call upon the Reserve 
Fund to help meet the cost of the service. On January 1, 1924, 
therefore the balance in the Reserve Fund was $624,889.93. 

The past calendar year was the largest in gross receipts and 
passengers carried in the experience of the railway under either 
private management or public control. 

The increasing usefulness of the system is indicated by the follow- 
ing figures showing the riding per capita of population in the terri- 
tory served by the railway : — 



Kev 


enue tildes per Capita. 




1923 




. 320 


1918 .... 




. 300 


1913 ..... 
1908 




. 298 

. 277 


1903 




. 262 



6 



Notwithstanding the astounding increase in use of automobiles, 
the passing of the open cars and the increase in fares necessary to 
meet the increased cost of operation, the people served by this rail- 
way take on the average 20 rides a year more than in 1918 and 58 
rides a year more than in 1903. 

Receipts and Expenditures. 

The following comparative tables present a summary of receipts 
and expenditures for the past and preceding years and the allocation 
of receipts per passenger for the twelve months ending December 31, 
1923: — 



Comparative Division of Receipts and Expenditures for Year ending December 31 . 




1923. 


1922. 


1921. 


1920. 


1919. 


Total receipts .... 


$34,096,813 26 


$32,699,176 37 


$33,277,025 53 


$34,031,636 44 


$29,498,582 82 


Operating expenses: 












Wages 


S16.224.275 94 


$14,772,340 42 


$15,563,255 53 


$17,216,445 20 


$15,539,105 59 


Material and supplies . 


3,236,805 32 


2,903,650 98 


3,093,934 69 


3,310,858 94 


3,640,065 60 


Injuries and damages . 


822,775 24 


555,355 59 


518,249 02 


640,165 04 


701,907 28 


Depreciation 


2,004,000 00 


2,004,000 00 


2,004,000 00 


2,004,000 00 


2,004,000 00 


Fuel 


1,842,396 91 


1,853,111 76 


1,663,617 75 


2,597,652 93 


1,815,260 94 


Total operating expenses . 


$24,130,253 41 


$22,088,458 75 


$22,843,056 99 


$25,769,122 11 


$23,700,339 41 


Taxes 


1,688,139 91 


1,587,186 83 


1,546,758 15 


1,142,987 28 


1,045,502 36 


Rent of leased roads (including 
dividend rental under chap- 
ter 159, Acts of 1918). 

Subway and tunnel rents 


3,185,577 67 
2,026,936 52 


3,646,595 75 
2,008,414 25 


4,203,061 72 
1,963,737 78 


4,102,230 36 
1,790,432 30 


4,002,656 93 
1,516,047 01 


Interest on bonds and notes . 


2,316,026 54 


1,891,315 57 


1,494,258 43 


1,514,963 98 


1,555,790 06 


Miscellaneous items 


70,247 65 


65,016 14 


54,707 59 


59,067 65 


60,346 93 


Total cost of service . 


$33,417,181 70 


$31,286,987 29 


$32,105,580 66 


$34,378,803 68 


$31,880,682 70 


Loss for year .... 


- 


- 


- 


$347,167 24 


$2,382,099 88 


Gain for year .... 


$679,631 56 


$1,412,189 08 


$1,171,444 87 


- 


- 



Profit and Loss Items not included in above. 



Boston Elevated Railway 

Allocation of Receipts 
per Passenger 

12 Months Ending December 31,1923. 
Average Receipts per Revenue Passenger 



8.923* 




8 



Traffic. 

The following tables show that 25,555,755 more revenue passengers 
were carried in 1923 than in 1922, representing a 7.17 per cent in- 
crease, and a total of 382,149,697 revenue passengers, the maximum 
number ever carried on this railway in any one year. 

There were 98,384,650 passengers who paid a five-cent fare, an 
average for the year of 25.75 per cent of the traffic. In December 
the percentage had reached approximately 27 per cent of all passen- 
gers carried. 

There w T as an increase of 3,474,577 car miles operated as well as 
an increase of 428,551 round trips operated compared with previous 
year. 

During the year the southern terminus of the Lechmere train 
service was transferred from Broadway to Kenmore Station. 

The following bus lines w T ere placed in operation : — 

Highland Avenue, Maiden, to Maiden Square. 

Linden to Maiden Square. 

Fellsway and Riverside Avenue, Medford, to Medford Square. 

Medford Square to Medford Hillside. 

East Boston Ferry via Hanover Street to Hay market Square. 

The extended platform for North Cambridge and Arlington cars 
at Harvard Square with electric indicator signs was placed in opera- 
tion. 

Night cars formerly operated to Adams Square were transferred to 
the Tremont Street Subway. 

For the convenience of passengers an information booth was 
opened at the Park Street Station in December. 

In further aid to patrons an information service has been estab- 
lished at the Executive offices of the railway, where patrons, by tele- 
phone, may secure, at any hour of the day or night, information 
respecting the service. 



9 



Traffic Statistics, Year ending December 31, 





1923. 


1922. 


1921. 


1920. 


Round trips operated .... 


6,488,082 


6,059,531 


5,773,584 


5,764,347 


Passenger revenue 


$33,297,951 50 


$31,834,022 77 


$32,253,629 59 


$33,108,946 48 


Passenger revenue per car mile (cents) . 


61.61 


62.94 


64.89 


64.62 


Passenger revenue per car hour 


$5 71i 


$7 09 


$7 36 


$7 16 


Passenger revenue mileage 


54,049,665 2 


50,575,088 


49,706,697 


51,237,527 


Passenger revenue car hours 


5,826,993 » 


4,487,400 


4,381,815 


4,627,295 


Revenue passengers carried 


382,149,697 


356,593,942 


337,252,080 


335,526,561 


Revenue passengers carried per car mile 


7.070 


7.051 


6.785 


6.548 


Revenue passengers carried per car mile . 


65.58' 


79.47 


76.97 


72.51 



1 Car hours, American Electric Railway Association Standard, adopted February 1, 1923. 

2 Including motor bus mileage 465,382. 



Comparative Passenger Statistics — Revenue Passengers carried. 



Year. 


Week Day 
Average 


Saturday 
Average. 


Sunday 
Average. 


Holiday 
Average. 


Total for 
Year. 


1923 


1,109,274 


1,196,301 


652,404 


758,915 


382,149,697 


1922 










1,030,303 


1,144,320 


617,148 


691,890 


356,593,942 


1921 










975,745 


1,068,295 


578,860 


696,691 


337,252,080 


1920 










960,737 


1,072,319 


591,063 


703,634 


335,526,561 


1919 










934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1918 










985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1917 










1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1916 










1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1915 










992,283 


1,140,046 


685,726 


846,860 


352,469,586 



Betterments. 

The first unit of the modern repair shops under construction at 
Everett was ready for use and the painting work done at Amory 
Street and at Eagle Street transferred to it on December 26, 1923. 
Within a few weeks all of the repair work done at the Bartlett Street 
shop in Roxbury will be transferred to Everett. 

This change is the first step in eliminating the waste of attempting 
to care for modern rolling stock in quarters originally designed for 
horse cars. 

Work is nearing completion in the construction of the Maverick 



10 

Square Terminal in East Boston, and it is expected that within a 
short time the steel trains will be in operation between Bowdoin 
Square and Maverick Square. This improvement increases the 
maximum carrying capacity of the East Boston Tunnel in rush hours 
136 per cent. 

The daily traffic through the East Boston Tunnel in 1905 was 
33,118, and in 1923, 78,970, indicating the rapidity of increase in 
travel and the need for train operation to meet it. 

The new George Street storehouse for supplies of the Maintenance 
Department and the Elevated Road Department was completed in 
the early part of the year. Additional yard tracks and scales were 
installed to facilitate handling and storing of material. These changes 
permit a systematic station system and mean a considerable economy. 

At the Forest Hills Terminal the elevated inspection shop and 
lobby for the trainmen is now finished and in operation, and sub- 
stantial progress has been made in the development of the carhouse 
yard and facilities for repair of surface cars. 

An extension of the platform and waiting room facilities at the 
Everett surface car terminal has been completed. 

Changes have been made at Lechmere Terminal to improve inter- 
change conditions at this point. 

The construction of a transfer station at Neponset to be used 
jointly with the Eastern Massachusetts has been nearly completed. 

Continued progress has been made in replacement of old type 
signals on the elevated from the Washington Street Tunnel to Dudley 
Street, and this improvement is now in progress between Dudley 
Street and Forest Hills. 

During the year 19.274 miles of track were rebuilt and 6.344 re- 
paired. 

Caks. 

During the year 184 new surface cars were placed in service. 

Delivery of 50 additional new surface cars of the one-man, two- 
man type are expected to be made in a few weeks. 

The 40 steel East Boston Tunnel cars unique in design and ap- 
pointment were delivered during the year and their equipment for 
service is well advanced. The opening of the East Boston Tunnel 
Station at Maverick Square may be expected early in April. 

The number of car defects per 1,000 miles in 1922 was 1.14 and in 
1923 it was .79. 



11 

The number of cars held out of service for repairs has been reduced 
to 6 per cent of the total rolling stock, as compared with 18 per cent 
in 1918. 

During the year 1923 only 7.3 per cent of the mileage was oper- 
ated with the articulated type and box cars, as compared with 50 
per cent operated with this type of equipment in 1918. All of these 
cars should soon disappear. 

Passenger Cars owned December 31, 1923. 
Surface Lines. 



Semi-convertible cars 




445 


Semi-convertible cars, new one or two man . 




255 


Center entrance cars 




396 


Trailer cars 


• 


220 


One-man cars 




59 


Articulated cars (25-foot type) 




52 


Box cars: 






26i-foot 


60 




25-foot 


141 




24-foot (parlor) 


1 




20-foot (parlor) 


1 




Total box cars 




203 


Total surface passenger ears 


. 1,630 


Rapid Transit Lines. 






Elevated cars, wood and steel 




99 


Elevated cars, steel 




227 


Cambridge Subway cars, steel 




95 


East Boston Tunnel cars, steel 




40 


Total rapid transit passenger cars 




. 461 


Grand Total 


. 2,091 



Power. 

On May 31 the new boiler room and two 1,825 horse power boilers 
were placed in operation at the South Boston Power Station. 

An additional 35,000-kilowatt turbo-generator with condenser 
equipment and the extension to the present turbine room at the 
South Boston Power Station has been under construction, and it is 
expected that this large generator will be in operation within a few 
weeks. 



12 



Through the introduction of the modern boilers at South Boston, 
as well as the introduction of the new light weight cars, — notwith- 
standing an increase of 3,474,577 miles and of 25,555,755 passengers 
carried, — the number of tons of coal burned was 13,409 tons less 
than last year. 





1923. 


1922. 


1921. 


1920. 


1919. 


1918. 


1917. 


Tons of coal burned . 


260,032 


273,441 


215,870 


258,087 


287,670 


281,677 


270,452 


Pounds of coal per kilo- 


2.264 


2.553 


2.174 


2.353 


2.835 


2.772 


2.309 


watt hour. 
















Average price of coal 


$7 085 


$6 777 


$7 71 


$10 07 


$5 91 


$6 26 


$4 19 


per ton. 
















Net cost of power for 


1.227 


1.414 


1.172 


1.921 


1.307 


1.158 


.620 


car service per kilo- 
















watt hour (cents). 
















Net cost of power per 


5.468 


6.153 


4.815 


8.538 


5.439 


4.668 


2.573 


total revenue car mile 


41 














(cents). 
















Direct current annual 


257,270,357 


239,905,874 


222,461,060 


245,676,503 


239,892,118 


227,582,057 


262,343,882 


output (kilowatts). 
















Direct current maxi- 


82,965 


78,755 


75,905 


72,295 


71,760 


67,965 


79,535 


mum hour output 
















(kilowatts). 

















Hyde Pakk District. 

In accordance with the provisions of chapter 405 of the Acts of 
1923 a lease was taken from the city of Boston of the railway prop- 
erty of the Hyde Park District for a term extending to the end of 
public control of this railway, and service between Forest Hills and 
Cleary Square, Hyde Park, with surface cars and a bus service be- 
tween Mattapan Square and Wolcott Square, Readville, were in- 
augurated. 

Dorchester Tunnel. 

Chapter 480 of the Acts of 1923 permits the extension of the rapid 
transit facilities in the Dorchester District. The acceptance required 
by the company was given by the Directors of the Boston Elevated 
Railway Company December 31, 1923. The Transit Department of 
the city of Boston, which is to construct the extension, is now at 
work in co-operation with this Board in the preparation of plans for 
facilities which this railway may lease. The tentative plans provide 
for a rapid transit terminal point near Peabody Square, and sur- 
face car operation via the remainder of the Shawmut Branch to 
Mattapan. 



13 



Real Estate. 

On July 1, 1918, when the Trustees took office, the railway owned 
a large number of obsolete car barns, power houses, and parcels of 
vacant land upon which car barns formerly stood. There were 
altogether 53 separate parcels of real estate, assessed for $2,170,257, 
no longer necessary for railway purposes. Since July 1, 1918, 44 
parcels, assessed for $1,924,157, of this lot have been sold, and there 
remain to be sold 9 parcels, assessed for $246,100. 

To the list of salable real estate there have been and will be added 
from time to time other parcels as new shops and modern car houses 
are constructed. 

Outlook. 

Any comprehensive outlook must take in view both betterments 
in service under existing facilities and the extension of those facilities. 

I. 

As far as operating cost and operating revenue are concerned it 
may be safely predicted that at the end of the year closing with the 
30th of June next it should be found that receipts have at least been 
equal to expenditures, so that there should be no deficit to assess on 
cities and towns served. 

It may be asked how this can be realized in view of the fact that 
the increases in wages during the past year will add approximately 
two and one-half million dollars to the labor cost for the year ending 
June 30, 1924, or more than twice the excess of revenue over cost of 
service for the preceding year. 

The answer to this question is that unusual freedom from expense 
in removal of snow has now continued so long as seemingly to assure 
a small rather than a large expense for the entire season. Another 
reason for this faith is belief in the continuance of the increased 
traffic which has made the past calendar year a record-breaking year 
in number of passengers carried. This increase marks the practical 
restoration of traffic lost at first under the 10-cent fare, a restoration 
due in large part to the introduction of 5-cent fare lines that are 
now carrying more than one-quarter of the traffic. There are, too, 
certain economies long in preparation to which reference has already 
been made from which results are now being obtained for the first 
time. 



14 

It must remain true, that whatever compensating factors may be 
found, the increased cost of labor will inevitably tend to check the 
development of additional 5-cent fare lines and improvements in 
service, and will delay the reimbursement of cities and towns. 



II. 

In whatever direction one looks there is an imperative need of ex- 
tensions of the rapid transit system to meet the demands of heavy 
traffic. The utmost that can be done with the existing subways, 
tunnels and tracks, that is, with the rapid transit system as now re- 
stricted, must fail to bring radical relief from the evils of over- 
loaded cars, tracks and stations. 

The Dorchester extension should provide adequate facilities for the 
district which it reaches, incidentally transforming Andrew Square 
from an unsuitable transfer terminal into a suitable way station. 
This undertaking adopts a less expensive and what is believed to be 
an advanced method of construction in making use of available rail- 
road premises known as the Shawmut Branch of the New York, 
New Haven & Hartford Railroad. If this policy of making use of 
available railroad rights of way proves successful, there would seem 
to be similar possibilities in connection with other extensions, for 
example, that from the Everett Terminal through use of the Saugus 
Branch of the Boston & Maine Railroad. 

Looking elsewhere to the north, the present transfer station at 
Lechmere Square, itself part of a decided improvement in the former 
service between Boston and Cambridge and Somerville, is not fitted 
to be a permanent transfer station, and while being used as such 
must fail to satisfy. There should be an extension of rapid transit 
to some point beyond, where a permanent transfer station can be 
located that will adequately meet present and future needs. 

Looking to the south there should be an extension of rapid transit, 
either through construction of a subway under Huntington Avenue, 
with adequate transfer station at its terminus, or according to some 
other plan, in order to bring real relief to a territory not now properly 
served, and that cannot be so served by any manipulation of existing 
surface lines. . . 

. Far-sighted legislation last winter established a Metropolitan 
Planning Board, which is already at work upon these and other 



15 

problems with zeal and ability. It is believed that the adoption of a 
comprehensive plan for the orderly and consistent construction of 
separate trunk lines will provide one harmonious and well-devised 
system of transportation for Boston and suburban cities and towns. 

Capital. 

Capital for subways, tunnels, and permanent structures can un- 
doubtedly be secured through municipal investment, to be repaid in 
rentals by the operating lessee. For them money will be at hand as 
needed at lowest prices. But immediately in the foreground is the 
outstanding need of capital for purchase of additional cars, for en- 
larged power and shop facilities, and other equipment. 

Take the need of additional rolling stock. The table attached to 
this report shows that the Board has continued its policy of replacing 
obsolete and worn-out cars with modern cars. This has been accom- 
plished largely through the funds provided by the charge for depreci- 
ation, but more cars are needed not only to lessen, in certain places, 
the over-crowding of existing cars but to provide for the natural 
growth in traffic. 

Another immediate need is the completion of proper shop facilities. 
As stated elsewhere, the first unit of the shops at Everett is now in 
operation. That will result in a substantial saving in operating ex- 
penses. The construction of the other unit, which is a necessary part 
of this improvement, is now prevented by the lack of capital with 
which to construct it. A practical and important economy which 
should be realized at the first possible moment is thus delayed. 
Additional capital can only be procured by the sale of securities of 
the Boston Elevated Railway Company, either in the form of stock 
or bonds. 

Can these securities be made salable? At the time the Public 
Control Act was passed it was believed that with the dividend rate 
of 6 per cent assured it would be possible to issue new stock and 
obtain new capital in that way. 

Such has not been the case. Quite likely this is due in part to the 
indefiniteness of the period of public control which under chapter 159 
of the Special Acts of 1918 continues until 1928, and thereafter until 
terminated by act of the Legislature. The investor does not know 
what action the Legislature may take, and consequently this stock 
does not hold the position which certainty of return would produce. 



16 

This element of doubt also adversely affects the marketing of long- 
term bonds. 

No railway that serves growing communities can mark time. It 
must move forward with the prosperity of the people who use it, or 
backward in failure of the purpose of its existence. 

The trustees believe that they have reached the point of departure. 
They have no specific legislation to suggest other than that contained 
in House Document No. 108 of 1924, but they respectfully insist 
that in a public undertaking such as this there would seem to be no 
good reason why those in charge of it should not be able to obtain 
capital upon the rates that the public pay when the State or munici- 
pality is the borrower. They are confident that if this principle is 
recognized the Legislature will appreciate and provide for the exi- 
gencies of the situation. 

JAMES F. JACKSON. 

WINTHROP COFFIN. 

STANLEY R. MILLER, 

J. FRANK O'HARE. 

SAMUEL L. POWERS. 



17 



Boston, Jan. 30, 1924. 



Mr. James F. Jackson, Chairman, Mr. Winthrop Coffin, Mr. Stanley R. 
Miller, Mr. Samuel L. Powers, Mr. J. Frank O'Hare, Trustees, Boston 
Elevated Railway Company, Boston, Mass. 

Sirs : — We have examined the accounts of the Boston Elevated 
Railway for the year ending December 31, 1923, and we report upon 
the railway's financial statements for the year, presented herewith, 
as follows: — 

Road and equipment are shown at book values without adequate 
provision for depreciation prior to June 30, 1918, but in our opinion 
the depreciation provided for the year under review, in pursuance of 
the plan for depreciation reserves thereafter adopted by the trustees, 
is adequate. 

The securities owned by the railway were produced for our inspec- 
tion and are carried at cost values, which, in some cases, exceed the 
market values. We have verified the current assets as shown by the 
books, and have satisfied ourselves that the liabilities are correctly 
stated. 

We hereby certify that, subject to the foregoing comments, the ac- 
companying balance sheet is in accordance with the books and 
correctly states the financial condition of the Boston Elevated Rail- 
way at December 31, 1923; and that the operating results for the 
year 1923 are fairly presented in the accompanying income state- 
ment. 

Respectfully submitted, 

PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



18 



General Balance Sheet. 



Debits. 



Dec. 31, 1923. Dec. 31, 1922 



Dec. 31, 1921. 



Investments. 
Road and equipment: 

Way and structures 

Equipment 

Power 

General and miscellaneous 
Total road and equipment 
Miscellaneous physical property 
Investments in affiliated companies: 

Stocks 

Notes 

Advances: 

West End Street Railway Company, road and equip- 
ment. 

West End Street Railway Company, suspense road 
and equipment. 

West End Street Railway Company, current account 

Other companies, road and equipment 
Total investments in affiliated companies 
Other investments: 

Stocks 

Notes 

Advances, road and equipment: 
Eastern Massachusetts Street Railway Company 

Total other investments 

Total investments 



$60,895,143 85 

23,915,042 10 

16,545,809 30 

1,881,601 30 



$103,237,596 55 
$112,348 82 



$58,335,275 74 

21,423,224 31 

15,690,017 53 

1,788,473 83 



$34,344,346 80 
6,503,176 98 
9,330,904 31 
1,768,771 83 



$97,235,991 41 
$556,521 48 

$201,508 72 



102,851 11 



$51,947,199 92 
$619,519 33 

$201,509 72 
4,848,245 21 

349,421 95 
504,588 16 
884,336 34 
102,852 11 



$2,552 50 
453,200 00 

143,562 99 



$599,315 49 
$103,949,260 86 



$304,359 83 

$2,552 50 
125,600 00 

142,002 38 



$270,154 88 
$98,368,027 60 



$6,890,953 49 

$2,501 00 
86,700 00 

120,740 65 



$209,941 65 
$59,667,414 39 



19 



General Balance Sheet. 



Credits. 



Dec. 31, 1923. 



Deo. 31, 1922. 



Dec. 31, 1921. 



Stock. 
Capital stock : 

First preferred stock 

Second preferred stock 

Preferred stock 

Common stock 

Total capital stock 

Premium on capital stock 

Second preferred stock 

Common stock 

Total premium on capital stock 

Total stock 

Long Term Debt. 

Funded debt unmatured: 

Miscellaneous obligations: 

6% 5-yr. debenture bonds, due Mar. 1, 1924 

7% 6-yr. W. E. St. Ry. Co. bonds, due Aug. 1, 1924, 

H% 5-yr. W. E. St. Ry. Co. bonds, due Feb. 1, 1927 

6% 5-yr. W. E. St. Ry. Co. bonds, due May 1, 1927 

4i% 20-yr. W. E. St. Ry. Co. bonds, due July 1, 1930 

4% 30-yr. W. E. St. Ry. Co. bonds, due Aug. 1, 1932 

5% 20-yr. W. E. St. Ry. Co. bonds, due Nov. 1, 1932 

4% 30-yr debenture bonds, due May 1, 1935 

5% 20-yr. W. E. St. Ry. Co. bonds, due May 1, 1936 

4i% 30-yr. debenture bonds, due Oct. 1, 1937 . 

4J% 30-yr. debenture bonds, due Nov. 1, 1941 . 

5% 30-yr debenture bonds, due Dec. 1, 1942 

5% 30-yr. VV. E. St. Ry. Co. bonds, due Mar. 1, 1944 

7% 30-yr. W. E. St. Ry. Co. bonds, due Sept. 1, 1947 

6% 10- yr. debenture bonds, due June 1, 1933 

Total bonds ...... 

Mortgage notes 

Total funded debt unmatured 

Non-negotiable debt to affiliated companies: 

Open accounts not subject to current settlement: 

West End Street Railway Company, lease account . 

West End Street Railway Company, cash suspense 
account. 

Total non-negotiable debt to affiliated companies . 

Total long term debt 



$6,400,000 00 

13,957,700 00 

3,000,000 00 

23,879,400 00 



$47,237,100 00 

$2,232,477 02 
2,707,428 13 



$4,939,905 15 
$52,177,005 16 



$1,500,000 00 
1,581,000 00 
2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 

600,000 00 
8,500,000 00 

815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 

570,000 00 
3,000,000 00 



$6,400,000 00 

14,029,850 00 

3,000,000 00 

23,879,400 00 



$47,309,250 00 

$2,232,477 02 
2,707,428 13 



$4,939,905 15 
$52,249,155 15 



$49,221,000 00 

125,000 00 



$49,346,000 00 



$49,346,090 00 



$1,500,000 00 
1,581,000 00 
2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 

600,000 00 
8,500,000 00 

815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 

570,000 00 



$3,000,000 00 
23,879,400 00 



$26,879,400 09 



$2,707,428 13 



$2,707,428 13 
$29,586,828 13 



$1,500,000 00 



$46,221,000 00 

125,000 00 



$46,346,000 00 



8,500,000 00 

4,800,000 00 
5,000,000 00 
8,286,000 00 



$28,086,000 00 

125,000 00 



$46,346,000 00 



$28,211,000 00 



$1,207,201 98 
7,746 90 



$1,214,948 88 
$29,425,948 88 



20 



General Balance Sheet — Concluded. 



Debits. 



Dec. 31, 1923. 



Dec. 31, 1922. 



Dec. 31, 1921. 



Current Assets. 



Cash 

Special deposits: 

Deposits for interest, dividends and rents unpaid . 

Special deposit of reserve fund, chapter 159, Special 

Acts, 1918. 
Funds available for capital expenditures only 

Total special deposits 
Loans and notes receivable 
Miscellaneous accounts receivable . 
Material and supplies 
Interest, dividends and rents receivable 
Other current assets .... 

Total current assets 



Deferred Assets. 
Insurance and other funds 

Total deferred assets 

Unadjusted Debits. 
Rents and insurance premiums paid in advance 

Discount on funded debt (net) 

Other unadjusted debits: 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Reserve Fund, chapter 
159, Special Acts of 1918. 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Commonwealth of Massa- 
chusetts, chapter 159, Special Acts of 1918. 

Other unadjusted debits 



Total other unadjusted debits 
Total unadj usted debits . 



$1,280,272 53 

$794,613 25 

243,031 99 

45,000 00 



$1,082,645 24 

148,305 78 

3,200,985 74 

51,441 40 

35,882 90 



$825,666 20 

$804,907 37 
1,000,000 00 



$5,799,533 59 



$2,975,761 20 



$2,975,761 20 

$251,972 97 
559,832 29 



$2,348,397 40 



$1,804,907 37 

$1 00 

165,870 47 

2,418,280 09 

50,555 56 

38,139 00 



$1,320,913 37 



$769,146 63 



$5,303,419 69 



$3,009,892 17 



$3,009,892 17 

$62,701 94 
260,251 68 



$3,462,955 22 



179,423 60 553,975 80 



$2,527,821 00 
$3,339,626 26 



$769,146 63 

430 98 

227,734 19 

3,251,416 43 

30,308 96 

35,716 13 



$5,635,666 69 



$802,550 00 



$802,550 00 

$129,100 42 
291,719 76 

$688,338 05 

3,980,151 67 

203,072 29 



$4,016,931 02 
$4,339,884 64 



Total debits 



$116,064,18191 



$111,021,224 10 



$4,871,562 01 
$5,292,382 19 



$71,398,013 27 



21 



General Balance Sheet — Concluded. 



Credits. 


Dec. 31, 1923. 


Dec. 31, 1922. 


Dec. 31, 1921. 


Current Liabilities. 


$3,934,172 50 


$1,800,000 00 


$2,463,372 13 


Audited accounts and wages payable .... 


1,383,820 74 


1,082,533 97 


1,208,320 20 


Matured interest, dividends and rents unpaid 


795,818 75 


805,112 87 


770,352 13 


Matured funded debt unpaid 


- 


1,000 00 


- 


Accrued interest, dividends and rents payable: 








Accrued interest on funded debt .... 


$531,001 68 


$516,001 66 


$216,441 67 


Accrued interest on loans and notes payable 


196 40 


343 03 


1,726 74 


Accrued rents, leased roads, West End Street Railway 

Company. 
Accrued rents, leased roads, other companies 


- 


- 


519,834 87 


8,189 82 


8,188 90 


8,067 30 


Accrued rents, subways and tunnels .... 


88,313 34 


87,543 30 


116,755 02 


Accrued interest on unpaid taxes 


- 


- 


2,896 00 


Accrued rents, leased roads, Boston Elevated Railway 
Company, dividend rental. 
Total accrued interest, dividends and rents payable 


244,259 75 


245,522 37 


- 


$871,960 99 


$857,599 26 


$895,721 60 


Total current liabilities 


$5,965,772 98 


$4,546,246 10 


$5,307,766 06 


Deferred Liabilities. 
Other deferred liabilities . . ' 


$40,323 51 


$38,751 14 


$38,952 50 


Total deferred liabilities ...... 


$40,323 51 


$38,751 14 


$38,952 50 


Unadjusted Credits. 
Tax liability 


$664,671 75 


$844,531 22 


$733,233 02 


Premium on funded debt 


$274,555 14 


$370,548 58 


- 


Operating reserves: 








Injury and damage reserve 


1,031,804 09 


906,601 92 


918,042 56 


Total operating reserves 


$1,031,804 09 


$906,601 92 


$918,042 56 


Accrued depreciation of property 


$3,101,465 82 


$2,058,493 73 


$1,503,431 44 


Other unadjusted credits: 








Outstanding tickets and checks 


$56,026 84 


$102,233 66 


$93,888 66 


Amount advanced by Commonwealth of Massachusetts 
under chapter 159, Special Acts of 1918, account deficit 
in cost of service for 12 months ending June 30, 1919. 


2,348,397 40 


3,462,955 22 


3,980,151 67 


Other unadjusted credits 


3,954 76 


25,744 90 


48,747 52 


Total other unadjusted credits .... 


$2,408,379 00 


$3,590,933 7$ 


$4,122,787 85 


Total unadjusted credits 


$7,480,875 80 


$7,771,109 23 


$7,277,494 87 


Corporate Surplus. 
Profit and loss, balance June 30, 1918 .... 


$98,869 06 » 


$173,083 65i 


$238,977 17 » 


Profit and loss, since June 30, 1918 


375,110 07i 


339,521 34 


- 


Balance arising out of consblidation with West End Street 

Railway Company, June 10, 1922. 
Miscellaneous fund reserves ...... 


115,976 57 
412,207 03 


96,475 21 1 


- 


Total corporate surplus 


$54,204 47 


$69,962 48 


$238,977 17 1 




$116,064,181 91 


$111,021,22410 


$71,398,013 27 



i Debit. 



22 



Income Statement. 





Twelve 

Months ending 

Dec. 31, 1923. 


Twelve 

Months ending 

Dec. 31, 1922. 


Twelve 

Months ending 

Dec. 31, 1921. 


Operating Income. 








Passenger revenue ........ 


$33,282,041 55 


J31.817.072 46 


$32,237,396 47 


Special car revenue 


15,909 95 


16,950 31 


16,233 12 


Mail revenue ......... 


326 70 


391 30 


578 93 


Express revenue 


50,058 33 


50,132 45 


44,154 94 


Miscellaneous transportation revenue . . . 


2,475 27 


9.131 66 


3,838 20 


Total revenue from transportation 


$33,350,811 80 


$31,893,67818 


$32,302,201 71 


Station and car privileges ...... 


$329,003 18 


$310,830 35 


$305,937 96 


Rent of tracks and facilities ...... 


29,275 99 


29,706 88 


26,051 00 


Rent of equipment ........ 


5,236 45 


3.705 20 


1,659 83 


Rent of buildings and other property .... 


106,175 26 


112,829 09 


111,951 20 


Power .......... 


110,133 90 


81,004 13 


84,932 67 




16,376 06 


21,079 96 


20,318 76 


Total revenue from other railway operations 


$596,200 84 


$559,155 61 


$550,851 42 


Total railway operating revenues .... 


$33,947,012 64 


$32,452,833 79 


$32,853,053 13 


Railway operating expenses: 








Way and structures . . . . 


$4,030,197 21 


$3,335,892 96 


$3,021,844 18 


Equipment ........ 


3,507,212 63 


3,333,241 54 


4,470,357 23 


Power .......... 


3,094,731 22 


3,261,918 91 


2,532,500 73 


Conducting transportation 


10,905,932 68 


10,040,831 82 


10,752,382 64 


Traffic ......... 


3,383 73 


3,032 88 


2,401 23 


General and miscellaneous ..... 


2,609,928 82 


2,145,070 71 


2,063,570 98 


Transportation for investment 


21,112 88i 


31,530 07i 


- 


Total railway operating expenses .... 


$24,130,253 41 


$22,088,458 75 


$22,843,056 99 


Per cent of operating expenses to operating revenues 


71.08 


68.06 


69.53 


Per cent of operating expenses to operating and non- 
operating income. 


70.77 


67.55 


68.65 


Net revenue, railway operations . . 


$9,816,759 23 


$10,364,375 04 


$10,009,996 14 


Taxes assignable to railway operations .... 


$1,688,139 91 


$1,587,186 83 


$1,546,758 15 


Operating income 


$8,128,619 32 


$8,777,188 21 


$8,463,237 99 



1 Credit. 



23 



Income Statement — Concluded. 





Twelve 

Months ending 

Dec. 31, 1923. 


Twelve 

Months ending 

Dec. 31, 1922. 


Twelve 

Months ending 

Dec. 31, 1921. 


Non-Operating Income. 








Net income from miscellaneous physical property . 


$1,935 14 


- 


- 


Income from lease of road 


823 40 


$823 40 


$823 40 




9,183 50 


9,181 75 


9,180 00 


Income from funded securities ..... 


16,400 71 


5,147 62 


4,503 41 


Income from unfunded securities and accounts 


58,505 33 


196,030 85 


375,158 65 


Income from sinking fund and other reserves 


33,280 00 


33,280 00 


33,280 00 


Release of premiums on funded debt .... 


27,568 30 


- 


- 


Miscellaneous income 


2,104 24 


1,878 96 


1,026 94 


Total non-operating income ..... 


$149,800 62 


$246,342 58 


$423,972 40 




$8,278,419 94 


$9,023,530 79 


$8,887,210 39 


Deductions from Gross Income. 








Rent for leased roads: 








West End Street Railway Company .... 


- 


$1,184,360 67 


$2,630,780 24 


West End Street Railway Company, Tremont Street 

Subway. 
Other roads ........ 


$52,512 04 


81,263 66 
49,119 85 


182,512 32 
48,914 48 


Boston Elevated Railway Company, dividend rental 


3,133,065 63 


2,413,115 23 


1,523,367 00 


Total rent for leased roads 


$3,185,577 87 


$3,727,859 41 


$4,335,574 04 




$2,026,936 52 


$1,927,150 59 


$1,781,225 46 


Net loss on miscellaneous physical property . 


- 


8,732 53 


6,959 96 


Interest on funded debt 


2,289,214 58 


1,831,394 45 


1,292,800 00 


Interest on unfunded debt 


26,811 96 


59,921 12 


201,458 43 


Amortization of discount on funded debt 


51,120 54 


31,458 08 


31,468 08 


Miscellaneous debits 


19,127 11 


24,815 53 


16,279 55 


Total deductions from gross income 


$7,598,788 38 


$7,611,341 71 


$7,715,765 52 


Balance after cost of service 


$679, €31 56 


$1,412,189 08 


$1,171,444 87 



24 



Operating Expense Accounts. 



1923. 



1922. 



1921. 



Way and Structures. 
Superintendence of way and structures .... 
Maintenance of track and roadway (except snow and ice) 

Removal of snow and ice 

Roadway structure 

Signal and telephone and telegraph lines 
Other miscellaneous way expenses . 
Maintenance of electric line equipment . 
Maintenance of buildings, fixtures and grounds 
Depreciation of way and structures 

Total way and structures .... 
Equipment. 
Superintendence of equipment 
Maintenance of cars . v 

Maintenance of electrical equipment of cars . 

Shop expenses 

Miscellaneous equipment, vehicles, horses, etc. 
Depreciation of equipment .... 

Total equipment 

Power. 
Superintendence of power .... 

Maintenance of power plants .... 

Depreciation of power plant buildings and equipment 
Operation of power plants .... 

Total power ...... 

Conducting. Transportation. 
Superintendence of transportation . 
Passenger conductors, motormen and trainmen 
Freight conductors, motormen and trainmen . 
Miscellaneous car service employees 
Miscellaneous car service expenses 
Station employees 
Station expenses 
Car house employees 
Car house expenses . 
Operation of signal and telephone and telegraph lines 

Other transportation expenses 

Total conducting transportation 



$248,982 68 

1,839,136 58 

312,987 31 

100,635 52 

34,844 51 

24,374 50 

286,168 36 

421,547 75 

761,520 00 



$210,733 57 

1,615,411 69 

103,291 10 

99,6.12 69 

22,134 98 

20,846 29 

261,353 24 

-381,269 40 

621,240 00 



$4,030,197 21 

$145,647 13 
1,530,825 65 
616,753 25 
267,364 00 
104,942 60 
841,680 00 



$3,507,212 63 

$89,832 93 

340,120 13 

400,800 00 

2,263,978 16 



$3,094,731 22 

$1,084,881 13 

7,043,938 40 

15,706 17 

282,737 65 

146,449 07 

753,913 14 

203,314 57 

855,488 88 

57,577 10 

239,350 87 

222,575 70 



$3,335,892 96 

$138,091 81 

1,537,888 99 

556,663 00 

260,432 60 

58,605 14 

781,560 00 



$3,333,241 54 

$82,017 24 

346,884 10 

601,200 00 

2,231,817 57 



$10,905,932 68 



$3,261,918 91 

$970,988 98 

6,442,707 49 

13,967 87 

278,650 32 

142,702 09 

720,977 04 

209,368 86 

803,570 03 

56,782 25 

210,814 74 

190,302 15 



$211,850 11 

1,724,134 42 

63,460 07 

96,630 14 

23,370 33 

14,012 13 

278,348 00 

335,038 98 

275,000 00 



$3,021,844 18 

$142,844 54 

1,640,767 49 

628,477 20 

275,822 05 

53,445 95 

1,729,000 00 



$4,470,357 23 

$79,834 66 
337,746 70 

2,114,919 37 



$2,532,500 73 



$10,040,831 82 



),478 82 

7,041,863 84 

12,150 78 

311,922 91 

155,427 67 

720,736 44 

183,938 93 

873,312 15 

59,941 20 

221,537 17 

181,072 73 



$10,752,382 64 



25 



Operating Expense Accounts — Concluded. 



Traffic. 



Traffic 



General and Miscellaneous. 
Salaries and expenses of general officers and clerks 
General office supplies and expenses 
Law expenses .... 
Relief department expenses, pensions and gratuities 
Miscellaneous general expenses 
Injuries and damages 
Insurance . . . . . 
Stationery and printing . 
Store, garage and stable expenses 
Rent of tracks and facilities 
Rent of equipment . 

Total general and miscellaneous 
Transportation for investment 

Total operating expenses . 



» Credit 



1923. 



1922. 



$3,363 73 

$416,448 77 
129,010 58 

53,393 15 
121,681 32 

77,449 10 
975,020 68 
316,413 99 

96,726 62 
360,951 94 

34,548 59 

28,284 08 



$2,609,928 82 

$21,112 88 

$24,130,253 41 



$3,032 88 

$400,528 25 

77,789 71 

44,712 34 

94,365 35 

70,121 41 

692,800 52 

290,157 08 

121,134 97 

309,172 83 

23,275 28 

21,012 97 



$2,145,070 71 

$31,530 07 

$22,088,458 75 



1921. 



$2,401 23 

$412,724 08 

81,760 91 

62,180 47 

60,291 17 

75,270 56 

665,798 02 

287,406 21 

92,120 81 

286,504 07 

24,212 73 

15,301 95 



$2,063,570 93 



$22,843,056 99 



26 



History of the 1919 Loan Assessment on Cities and Towns (Chapter 

159, Special Acts of 1918). 

Allocation of Assessment on Cities and Towns of Boston Elevated Deficit, Year 

ended June 30, 1919. 



Cities and Towns. 


Passengers. 


Per 

Cent. 


Amount of 
Assessment. 


Distribution 
of July, 1922, 
Repayment. 


Distribution 
of July, 1923, 
Repayment. 


Balance 
due. 


Boston .... 


2,100,423 


71.9330 


$2,863,042 50 


§372,034 92 


$790,029 10 


$1,700,978 48 


Cambridge 




283,475 


9.7081 


386,397 11 


50,209 95 


106,622 54 


229,564 62 


Somerville 




122,583 


4.1981 


167,090 75 


21,712 43 


46,106 54 


99,271 78 


Brookline 




74,553 


2.5532 


101,621 23 


13,205 06 


28,040 99 


60,375 18 


Medford . 




59,754 


2.0464 


81,449 82 


10,583 91 


22,475 56 


48,390 35 


Maiden 




55,838 


1.9123 


76,112 44 


9,890 35 


21,002 65 


45,219 44 


Everett . 




54,823 


1.8775 


74,727 35 


9,710 36 


20,619 69 


44,397 30 


Watertown 




41,198 


1.4109 


56,155 96 


7,297 12 


15,496 14 


33,362 70 


Arlington 




32,477 


1.1122 


44,267 25 


5,752 26 


12,215 36 


26,299 63 


Chelsea 




29,659 


1.0157 


40,426 40 


5,253 17 


11,154 86 


24,018 37 


Newton . 




27,201 


.9316 


37,079 09 


4,818 20 


10,231 84 


22,029 05 


Belmont . 




18,746 


.6420 


25,552 57 


3,320 40 


7,051 43 


15,180 74 


Quincy (Commonw 
of Massachusetts). 

Stoneham (Com 
wealth of Massachu 

Commonwealth of M 
chusetts. l 


ealth 

mon- 

setts) 
assa- 


15,569 
3,674 


.5332 
.1258 


21,222 17 
5,007 03 


2,757 69 
650 63 


18,464 48 

4,356 40 

690 24 


2 690 24 


Totals 




2,919,973 


100.00 


S3.980.151 67 


$517,196 45 


$1,114,557 82 


$2,348,397 40 



Based on traffic counts made July 24, 25, 26, 27, 1919, in accordance with the provisions of section 
ohapter 159, Special Acts of 1918. 

1 From the July, 1923, repayment the Commonwealth of Massachusetts deducted $690.24 to 

reimburse themselves for the difference between 126 days' interest at 4.28 per cent on 
$4,000,000 (note issued July 17, 1919, due November 20, 1919) and $3,980,151.67, the amount 

paid to the Boston Elevated Railway Company $297 

And interest from July 17, 1919, to July 19, 1923, on amount the State deducted to pay assess- 
ment of Quincy and Stoneham . . 392 

Amount of expense to State to be assessed to towns and cities pro rata to their original 

contribution $690 

2 Credit. 



14, 



33 



27 



BOSTON ELEVATED RAILWAY COMPANY, 
TRUSTEE. 

Statement of Special Trust Fund, December 31, 1923. 

Principal of trust fund as established $1,500,000 00 

Accretions and accumulations to December 31, 1923 . . . 673,211 20 



Total special trust fund $2,173,21120 

Income from June 10, 1922, to December 31, 1923 . $113,508 09 
Less amount paid on account of retirement of 
721^ shares of second preferred stock, purchased 

in July, 1923 72,193 40 

41,314 69 

Investments $2,171,549 80 

Cash on deposit $42,976 09 

The above trust fund is held by the Boston Elevated Railway Com- 
pany under chapter 740, Acts of 1911, — "An Act to authorize the 
consolidation of properties and franchises of the Boston Elevated Rail- 
way Company and the West End Street Railway Company," — and 
represents the proceeds from the sale to the Boston Elevated Railway 
Company of real estate of the West End Street Railway Company 
which was not required in the conduct of the business. The amount 
so received ($1,500,000) has been held by the Boston Elevated Railway 
Company and invested by it and allowed to accumulate until the 
tenth day of June, 1922. Hereafter the annual income therefrom will 
be applied toward the purchase and retirement of the second preferred 
stock of the Boston Elevated Railway Company. No part of this 
fund or its income can be used for any other purpose until all of the 
second preferred stock has been retired, when the fund becomes avail- 
able for capital purposes. 



»12 






ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OE THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1924 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OE THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1924 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 
OF THE BOSTON ELEVATED RAILWAY. 



The Public Trustees of the Boston Elevated Railway respectfully 
submit their sixth annual report. 

Results of Operation. 

The sixth fiscal year of public operation of this railway closed with 
June 30, 1924. As there was at that time no excess of receipts over 
expenditures for the preceding twelve months, no payments were 
made to the cities and towns which had contributed to the loan 
assessment to meet the deficit of the first year of public operation. 
The aggregate amount contributed by the municipalities in 1919 was 
$3,980,151.67. The excess of receipts over cost of service during 
the past years had been applied, first, to the restoration of the ex- 
hausted reserve fund, and after this was accomplished there was 
paid back to the cities and towns $517,196.45 in July, 1922, and 
$1,114,557.82 in July, 1923. The aggregate of these amounts was 
distributed among the cities and towns served by the railway and 
reduced to $2,348,397.40, the balance still due them. 

During the calendar year which closed with December 31, 1924, 
gross receipts and number of revenue passengers carried were the 
largest in the experience of the railway, either under private manage- 
ment or public control. Owing, however, to increases in wages, the 
first under the Mayberry award and the later under the McLaugh- 
lin award, the operating labor cost of the past calendar year has 
mounted to $17,358,670.49, an increase of $1,134,394.55 over the 
operating labor cost of 1923. 

Immediately following the announcement of the decision in the 
last arbitration proceedings it was necessary to increase the 5-cent 
local fare, which had been established largely for the outlying dis- 
tricts, to a basis of 6 cents. The Trustees feel that there has been 
no substantial diminution in traffic as a result of this increase, and 
feel that the additional revenue thereby secured will aid largely in 
meeting the increased costs. 



6 



Receipts and Expenditures. 



The following comparative tables present a summary of receipts 
and expenditures for the past and four preceding calendar years 
and the allocation of cost of service per revenue passenger for the 
year ending December 31, 1924: 



Comparative Division of Receipts and Expenditures for Year ending December SI. 




1924. 


1923. 


1922. 


1921. 


1920. 


Total receipts .... 


$34,175,319 61 


$34,096,813 26 


$32,699,176 37 


$33,277,025 53 


$34,031,636 44 


Operating expenses: 












Wages 


$17,358,670 49 


$16,224,275 94 


$14,772,340 42 


$15,563,255 53 


$17,216,445 20 


Material and other items 


3,203,378 92 


3,236,805 32 


2,903,650 98 


3,093,934 69 


3,310,858 94 


Injuries and damages . 


740,025 39 


822,775 24 


555,355 59 


518,249 02 


640,165 04 


Depreciation 


2,496,000 00 


2,004,000 00 


2,004,000 00 


2,004,000 00 


2,004,000 00 


Fuel 


1,424,058 76 


1,842,396 91 


1,853,111 76 


1,663,617 75 


2,597,652 93 


Total operating expenses . 


$25,222,133 56 


$24,130,253 41 


$22,088,458 75 


$22,843,056 99 


$25,769,122 11 


Taxes 


1,623,995 65 


1,688,139 91 


1,587,186 83 


1,546,758 15 


1,142,987 28 


Rent of leased roads (including 
dividend rental under chap- 
ter 159, Acts of 1918). 

Subway and tunnel rents 


3,175,568 55 
2,125,593 96 


3,185,577 67 
2,026,936 52 


3,646,595 75 
2,008,414 25 


4,203,061 72 
1,963,737 78 


4,102,230 36 
1,790,432 30 


Interest on bonds and notes . 


2,602,891 00 


2,316,026 54 


1,891,315 57 


1,494,258 43 


1,514,963 98 


Miscellaneous items 


61,835 29 


70,247 65 


65,016 14 


54,707 59 


59,067 65 


Total cost of service 


$34,812,016 01 


$33,417,181 70 


$31,286,987 29 


$32,105,580 66 


$34,378,803 68 


Loss for year .... 


$636,696 40 


- 


- 


- 


$347,167 24 


Gain for year .... 


- 


$679,631 56 


$1,412,189 08 


$1,171,444 87 


- 



Profit and Loss Adjustments not included in above. 



Boston Elevated R ailw^/ 

Allocation of Cost or Service 
per Passenger 

YL Months Ending December 31, 1924. 
Average Receipts per Revenue Passenger 8.92*$ 



3.092* 



Cost of Service ^ # \J^£ y perRevenuePassenger 

DIVIDED AS FOLLOWS 




COAL 



,i / 



&^ 



a** 



s / 



/ 



^r^.fe* 



/ 



iJ 



&' 



<F 



/ 



_>/ 



a: 



/ 






^ o <? 



/ <t 

i N 
/ t 

CO 
/ U 
/ X 

i< 



<£> / 



I 



8 



Traffic. 

During 1924 there were 739,151 more revenue passengers carried 
than in 1923. Passenger revenue mileage was increased by 1,939,014 
miles, in large measure due to increased use of one-man cars which 
permitted an increased service without corresponding increase in 
cost. The one-man car and motor bus miles amounted to 31.7 per 
cent of the total surface miles operated. 

The increase in revenue passengers occurred on week days and 
Saturdays, there being a decrease of traffic on Sundays and holidays. 

The operation of motor busses has increased. The miles covered 
in 1922 were 63,937; in 1923, 465,382; and in 1924, 890,901. At the 
present time busses are operated on the following routes: 

Brooks and Faneuil streets, to Union Square, Allston. 

Readville to Matt a pan Square. 

Green Street, Cambridge to Commonwealth Avenue, Boston. 

Arch and Summer streets to Rowes Wharf, Boston. 

Haymarket Square to Battery and Commercial streets, Boston. 

Belgrade Avenue and Centre Street, West Roxbury to Eliot Street, Jamaica 

Plain. 
Fellsway and Medford Street to Maiden Square. 
Riverside Avenue to Medford Hillside. 
Magoun Square, Somerville to Sullivan Square. - 
Linden to Maiden Square. 
Maiden Square to Broadway, North, Maiden. 
Faulkner to Cross and Main streets, Maiden. 



9 



Traffic Statistics, Year ending December SI. 



1924. 



1923. 



1922. 



1921. 



Round trips operated 

Passenger revenue .... 

Passenger revenue per car mile (cents) 

Passenger revenue per car hour 

Passenger revenue mileage 

Passenger revenue car hours 

Revenue passengers carried 

Revenue passengers carried per car mile 

Revenue passengers carried per car hour 



0,994,749 

$33,419,172 22 

59.69 

$5 67 

55,988,679* 

5,894,115 

382,888,848 

6.838 

64.96 



6,488,082 

$33,297,951 50 

61.61 

$5 71 

54,049,665' 

5,826,993 

382,149,697 

7.070 

65.58 



6,059,531 
$31,834,022 77 
62.94 
_i 

50,575,0882 
_i 

356,593,942 
7.051 
_i 



5,773,584 
$32,253,629 59 
64.89 
_i 

49,706,697 
_i 

337,252,080 
6.785 
_i 



1 Comparable statistics not available. 

2 Including motor bus mileage. 



Comparative Passenger Statistics — Revenue Passengers carried. 



Year. 


Week Day 
Average. 


Saturday 
Average. 


Sunday 
Average. 


Holiday 
Average. 


Total for 
Year. 


1924 


1,109,861 


1,216,132 


630,755 


727,191 


382,888,848 


1923 












1,109,274 


1,196,301 


652,404 


758,915 


382,149,697 


1922 












1,030,303 


1,144,320 


617,148 


691,890 


356,593,942 


1921 












• 975,745 


1,068,295 


578,860 


696,691 


337,252,080 


1920 












960,737 


1,072,319 


591,063 


703,634 


335,526,561 


1919 












934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1918 












985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1917 












1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1916 












1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1915 












992,283 


1,140,046 


685,726 


846,860 


352,469,580 



Operating Changes and Betterments. 

On the 1st of March the Arborway Transfer Station at Forest 
Hills was opened, improving transfer conditions between Jamaica 
Plain and West Roxbury cars. 

On the 21st of April the operation of surface cars in the East 
Boston Tunnel was superseded by the operation of specially con- 
structed steel rapid transit trains. This change materially decreased 



10 

the running time, eliminated congestion at way stations and made 
possible a far larger use of the tunnel. 

Since August 27 elevated train service has been extended daily 
from 12.30 to 1.15 a.m. for the convenience of night patrons. 

The running of cars over Harvard Bridge was suspended from 
the 24th of August to the 3d of November in the interest of safety, 
incidentally expediting reconstruction work and reducing the length 
of time the bridge was under reconstruction. 

Block signals have been installed on curves in the Tremont Street 
Subway. 

The new Instruction School in Sullivan Square was completed 
and has been placed in service. 

Changes were made at Dudley Street Terminal to provide safe 
passage for passengers from the west incline. 

A new alternating current signal system for the entire Forest Hills 
section was placed in operation during October. 

Improved waiting-room facilities were provided at Lechmere 
Square on the Cambridge platform. 

The stairway at Egleston Square Station has been re-arranged in 
the interest of safety. 

Changes were recently made in the location of transfer station at 
Coolidge Corner to conform with traffic plans of the town of Brook- 
line. 

The so-called Bartlett Street units of the Everett repair shops 
were completed and the personnel and equipment transferred from 
the Bartlett Street shops on March 1, 1924, since which time there 
has been a great improvement in the facilities available for heavy 
repair work and painting of cars. 

The work of erecting at Forest Hills a new Lobby Building for 
the car service men, a large garage for motor busses, and a suitable 
heating plant to provide for all of the buildings grouped at this lo- 
cation has been nearly completed. 

Final plans for the extension of rapid transmit service in the 
Dorchester District by utilization of the Shawmut Branch of the 
New Haven Railroad have been worked out in conjunction with 
the Boston Transit Department. The lease of the premises has 
been executed, all legal formalities completed, the contract for the 
first section let and work of construction started. When finished 



11 



this extension will provide for operation of the Cambridge-Dor- 
chester Tunnel trains as far as Ashmont, or three and three-quarter 
miles from the present terminus at Andrew Square, and the opera- 
tion of high speed trolley service on private right of way from Ash- 
mont to Mattapan. 

Acting upon the request of the Trustees, the Transit Department 
of the City of Boston has continued the work of lowering platforms 
in the Tremont Street Subway. 

During the twelve months 17.15 miles of track and special work 
have been rebuilt and 3.77 miles of track and special work repaired. 

Cars. 

During the year there were received eight East Boston Tunnel 
cars in addition to the forty originally purchased and eighty-nine 
new cars of the one-man, two-men type. 

In 1918 the number of cars held out of service for repairs was 
18 per cent. During 1924 a satisfactory record of 6 per cent has 
been maintained. Whereas in 1918, 50 per cent of the surface car 
mileage was operated with articulated and box cars, during the year 
1924 only 7 per cent was operated by cars of this type. 

Passenger Cars owned December 31. 
Surface Lines. 





1924. 


1923. 


Semi-convertible cars 












443 


445 


Semi-convertible cars, one-man or two-men 












3441 


255 


Center entrance cars 












390 


396 


Trailer cars 












220 


220 


One-man cars (Birney type) 












36 


59 


Articulated cars (50-foot type) 












30 


52 


Box cars 












183 


203 


Total surface passenger cars . 


1,652 


1,630 



1 Seventeen more cars of this type are on order. 






12 



Passenger Cars owned December 31 
Rapid Transit Lines. 



Concluded. 



1924. 



1923. 



Elevated cars, wood and steel 

Elevated cars, steel 

Cambridge Subway cars, steel 

East Boston Tunnel cars, steel 

Total rapid transit passenger cars 
Grand total .... 



98 


99 


227 


227 


95 


95 


48 


40 


468 


461 


2,120 


2,091 



Accident Record. 

The accident record of the year has shown improvement. Oper- 
ating expenses on this account were lowered from $975,020.68 in 
1923 to $914,043.17 in 1924. 

Accidents per million miles operated with one-man cars were re- 
duced from 230 in 1923 to 205 in 1924. Accidents per million miles 
operated with two-men cars were reduced from 259 in 1923 to 249 
in 1924. 

Power. 

Power cost has been less, due to plant improvements, which- have 
made possible more efficient operation, and to lower price of coal. 

A new 35,000-kilowatt turbo-generator at South Boston Power 
Station was put in operation on March 31. The generating capacity 
at South Boston was increased thereby to 122,000 kilowatts. This 
capacity will not be available as a whole until additional boilers and 
transmission lines are installed. 

The average number of pounds of coal consumed per kilowatt 
hour direct current at the cars was 2 . 068, the lowest of any year 
in the history of the railway. The average cost of coal for power 
during the year was $5,921 per long ton. The number of tons of 
coal burned was reduced from 260,032 in 1923 to 240,493 in 1924, 
notwithstanding an increase in kilowatt hour output. The maxi- 
mum current output for any one hour was 86,245 kilowatts, which 
was the greatest in the history of the railway. 

During the year 115,675 feet of underground conduit were laid. 
This includes an additional connection between the South Boston 



13 

Power Station and the main feeder circuit for the entire system, 
thereby lessening the danger of interruption of service. 





1924. 


1923. 


1922. 


1921. 


1920. 


1919. 


1918. 


Tons of coal burned . 


240,493 


260,032 


273,441 


215,870 


258,087 


287,670 


281,677 


Pounds of coal per 


2.068 


2.264 


2.553 


2.174 


2.353 


2.835 


2.772 


kilowatt hour (di- 
















rect current on line). 
















Average price of coal 


$5 921 


$7 085 


$6 777 


$7 71 


$10 07 


$5 91 


$6 26 


per ton. 
















Net cost of power for 


1.093 


1 227 


1.414 


1.172 


1921 


1.307 


1.158 


car service per kilo- 
















watt hour (cents). 
















Net co3t of power per 


4 833 


5 468 


6.153 


4.815 


8.538 


5.439 


4.668 


total revenue car 
















mile (cents).- 
















Direct current annual 


260,401,225 


257,270,357 


239,905,874 


222,461,060 


245,676,503 


239,892,118 


227,582,057 


output (kilowatts). 
















Direct current maxi- 


86,245 


82,965 


78,755 


75,905 


72,295 


71,760 


67,965 


mum hour output 
















(kilowatts). 

















Real Estate. 

Of the 53 parcels of real estate assessed for $2,170,257 which were 
not in use for railway purposes at the time the Trustees assumed 
control in 1918, only 2, assessed for $30,700, remain unsold. 

During the past six years some additional properties have been 
retired from active use. The total of real estate owned by the com- 
pany and not in active use or required for development consists of 
six parcels assessed for $581,800, the largest single item being the 
old Bartlett Street shops assessed for $546,500. These will be sold 
as rapidly as reasonable prices can be obtained. 



Outlook. 

The summer and fall months were characterized as usual by large 
expenditures in reconstruction work. While the summer traffic 
was affected as usual by vacation and holiday limitations, it was 
affected to an unusual extent by automobile competition and a 
depression in certain lines of business with accompanying lack of 
employment and consequent loss in riding. From July 1 to Novem- 
ber 1 the excess of cost of service over receipts was $1,042,556.11, 
exclusive of charge for back pay and profit and loss adjustments, an 
aggregate considerably larger than during the same period of 1923, 
and the restoration to a surplus of receipts over cost of service was 



14 

slow. This exhausted the Reserve Fund, but November showed a 
small excess of receipts over cost of service, and the receipts for 
December exceeded expenditures by $305,503.75. Since then a 
gratifying increase in receipts has taken place, so that there is reason 
to believe that with the closing of this fiscal year on the 30th of 
June it will be found that receipts have been equal to expenditures. 
To accomplish this result in view of the increased rate of wages 
awarded last summer the Trustees have been compelled to lessen 
service and to decrease working hours and number of men employed. 
Since our last annual report the matter of capital requirements 
and future control of this railway has been exhaustively considered 
by a recess committee of the General Court, whose report is now 
before a joint committee and therefore no reference is made to that 
subject-matter. 

JAMES F. JACKSON. 

WINTHROP COFFIN. 

STANLEY R. MILLER. 

J. FRANK O'HARE. 

SAMUEL L. POWERS. 



15 



Boston, January 30, 1925. 



Mr. James F. Jackson, Chairman, Mr. Winthrop Coffin, Mr. 
Stanley R. Miller, Mr. Samuel L. Powers, Mr. J. Frank 
O'Hare, Trustees, Boston Elevated Railway, Boston, Mass. 

Sirs: — We have examined the accounts of the Boston Elevated 
Railway for the year ending December 31, 1924, and we report upon 
the railway's financial statements for the year, presented herewith 
as follows: 

Road and equipment are shown at book values. In our opinion, 
adequate provision for depreciation has been made for the year 
under review, in pursuance of the plan for depreciation reserves fol- 
lowed by the Public Trustees from July 1, 1918. 

The securities owned by the railway were produced for our in- 
spection and are carried at cost values, which, in some cases, exceed 
the market values. We have verified the current assets as shown 
by the books, and have satisfied ourselves that the liabilities are 
correctly stated. 

We hereby certify that, subject to the foregoing comments, the 
accompanying balance sheet is in accordance with the books and 
correctly states the financial condition of the Boston Elevated Rail- 
way at December 31, 1924; and that the operating results for" the 
year 1924 are fairly presented in the accompanying income state- 
ment. 

Respectfully submitted, 

PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



16 



General Balance Sheet. 



Debits. 



Dec. 31, 1924. 



Dec. 31, 1923. 



Dec. 31, 1922. 



Investments. 
Road and equipment: 
Way and structures 

Equipment 

Power 

General and miscellaneous . 
Total road and equipment 
Miscellaneous physical property 
Investments in affiliated companies: 

Stocks . . 

Advances: 
Other companies, road and equipment 
Total investments in affiliated companies 
Other investments: 

Stocks 

Notes 

Advances, road and equipment: 
Eastern Massachusetts Street Railway Company 
Total other investments .... 
Totarinvestments 



S61.477.855 69 

24,966,763 74 

17,452,644 77 

1,893,554 61 



$60,895,143 85 

23,915,042 10 

16,545,809 30 

1,881,601 30 



858,335,275 74 

21,423,224 31 

15,690,017 53 

1,788,473 83 



$105,790,818 81 
$58,889 12 



$103,237,596 55 
$112,348 82 



$97,236,991 41 
$556,521 48 

$201,508 72 

102,851 11 



$2,552 50 
155,250 00 

114,346 66 



$272,149 16 
$106,121,857 09 



$2,552 50 
453,200 00 

143,562 99 



$599,315 49 
$103,949,260 86 



$304,359 83 

$2,552 50 
125,600 00 

142,002 38 



$270,154 88 
$98,368,027 60 



17 



General Balance Sheet. 



Credits. 



Dec. 31, 1924. Dec. 31, 1923 



Dec. 31, 1922. 



Stock. 
Capital stock: 

First preferred stock 

Second preferred stock 

Preferred stock 

Common stook 

Total capital stock 
Premium on capital stock: 

Second preferred stock . 

Common stock .... 
Total premium on capital stock 
Total stock .... 



Long-Tekm Debt. 
Funded debt unmatured: 
Miscellaneous obligations: 
6% 5-yr. Boston Elev. Ry. bonds, due Mar. 1, 1924 . 
7% 6-yr. W. E. St. Ry. Co. bonds, due Aug. 1, 1924 
6i% 5-yr. W. E. St. Ry. Co. bonds, due Feb. 1, 1927 
6% 5-yr. W. E. St. Ry. Co. bonds, due May 1, 1927 
4j% 20-yr. W. E. St. Ry. Co. bonds, due July 1, 1930 
4% 30-yr. W. E. St. Ry. Co. bonds, due Aug. 1, 1932 
5% 20-yr. W. E. St. Ry. Co. bonds, due Nov. 1, 1932 
6% 10-yr. Boston Elev. Ry. bonds, due June 1, 1933 
6% 10-yr. Boston Elev. Ry. bonds, due Mar. 1, 1934 
5i% 10-yr. Boston Elev. Ry. bonds, due Aug. 1, 1934 
4% 30-yr. Boston Elev. Ry. bonds, due May 1, 1935 
5% 20-yr. W. E. St. Ry. Co. bonds, due May 1, 1936 
4J% 30-yr. Boston Elev. Ry. bonds, due Oct. 1, 1937 
4i% 30-yr. Boston Elev. Ry. bonds, due Nov. 1, 1941 
5% 30-yr. Boston Elev. Ry. bonds, due Dec. 1, 1942 
5% 30-yr. W. E. St. Ry. Co. bonds, due Mar. 1, 1944 
7% 30-yr. W. E. St. Ry. Co. bonds, due Sept. 1, 1947 

Total bonds 

Mortgage notes 

Total funded debt unmatured .... 

Total long-term debt 



$6,400,000 00 

13,866,100 00 

3,000,000 00 

23,879,400 00 



$6,400,000 00 

13,957,700 00 

3,000,000 00 

23,879,400 00 



$47,145,500 00 

$2,232,477 02 
2,707,428 13 



$47,237,100 00 

$2,232,477 02 
2,707,428 13 



$4,939,905 15 
$52,085,405 15 



$2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 

600,000 00 
3,000,000 00 
2,098,000 00 
1,581,000 00 
8,500,000 00 

815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 

570,000 00 



$49,819,000 00 

125,000 00 



$49,944,000 00 
$49,944,000 00 



$4,939,905 15 
$52,177,005 15 



$1,500,000 00 
1,581,000 00 
2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 
600,000 00 
3,000,000 00 



8,500,000 00 
815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 
570,000 00 



$49,221,000 00 

125,000 00 



$49,346,000 00 
$49,346,000 00 



$6,400,000 00 

14,029,850 00 

3,000,000 00 

23,879,400 00 



$47,309,250 00 

$2,232,477 02 
2,707,428 13 



$4,939,905 15 
$52,249,155 15 



$1,500,000 00 
1,581,000 00 
2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 
600,000 00 



8,500,000 00 
815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 
570,000 00 



$46,221,000 00 

125,000 00 



$46,346,000 00 
$46,346,000 00 



18 



General Balance Sheet — Concluded. 



Debits. 



Dec. 31, 1924. Dec. 31, 1923. 



Dec. 31, 1922. 



Current Assets. 

Cash 

Special deposits: 

Deposits for interest, dividends and rents unpaid 

Special deposit of Reserve Fund, chapter 159, Special 

Acts of 1918. 
Funds available for capital expenditures only 

Total special deposits 

Loans and notes receivable 

Miscellaneous accounts receivable 

Material and supplies 

Interest, dividends and rents receivable 

Other current assets 

Total current assets 

Deferred Assets. 
Insurance and other funds 

Total deferred assets 

Unadjusted Debits. 
Rents and insurance premiums paid in advance . 

Discount on funded debt 

Other unadjusted debits: 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Commonwealth of Massa- 
chusetts, chapter 159, Special Acts of 1918. 

Other unadjusted debits . ... 



Total other unadjusted debits . 
Total unadjusted debits . 



Total debits 



$2,237,296 37 



$796,101 50 



37,000 00 



$833,101 50 

9,000 00 

197,751 22 

2,973,479 61 

15,052 34 

39,337 66 



$6,305,021 70 

$2,923,449 80 



$2,923,449 80 

$198,067 92 
$522,990 51 

$2,348,397 40 
198,796 24 



$1,280,272 53 

$794,613 25 

243,031 99 

45,000 00 



$825,666 20 

$804,907 37 
1,000,000 00 



$1,082,645 24 

148,305 78 

3,200,985 74 

51,441 40 

35,882 90 



$1,804,907 37 

1 00 

165,870 47 

2,418,280 09 

50,555 56 

38,139 00 



$5,799,533 59 

$2,975,761 20 



$5,303,419 69 

$3,009,892 17 



$2,547,193 64 
$3,268,252 07 



$118,618,580 66 



$2,975,761 20 

$251,972 97 
$559,832 29 

$2,348,397 40 
179,423 60 



$3,009,892 17 

$62,701 94 
$260,251 68 

$3,462,955 22 
553,975 80 



$2,527,821 00 
$3,339,626 26 



$4,016,931 02 
$4,339,884 64 



$116,064,181 91 



$111,021,224 10 



19 



General Balance Sheet — Concluded. 



Credits. 


Dec. 31, 1924. 


Dec. 31, 1923. 


Dec. 31, 1922. 


Current Liabilities. 
Loans and notes payable 


$5,200,000 00 


$3,934,172 50 


$1,800,000 00 


Audited accounts and wages payable .... 


1,242,700 05 


1,363,820 74 


1,082,533 97 


Matured interest, dividends and rents unpaid 


797,307 00 


795,818 75 


805,112 87 


Matured funded debt unpaid 


- 


- 


1,000 00 


Accrued interest, dividends and rents payable: 








Accrued interest on funded debt 


$533,080 43 


$531,001 68 


$516,001 66 


Accrued interest on loans and notes payable 


- 


196 40 


343 03 


Accrued rents, leased roads, other companies 


6,659 24 


8,189 82 


8,188 90 


Accrued rents, subways and tunnels .... 


89,778 34 


88,313 34 


87,543 30 


Accrued rents, leased roads, Boston Elevated Railway 
Company, dividend rental. 


242,656 75 


244,259 75 


245,522 37 


Total accrued interest, dividends and rents payable 


$872,174 76 


$871,960 99 


$857,599 26 


Total current liabilities 


$8,112,181 81 


$6,965,772 98 


$4,546,246 10 


Deferred Liabilities. 
Other deferred liabilities 


$40,300 12 


$40,323 51 


$38,751 14 


Total deferred liabilities 


$40,300 12 


$40,323 51 


$38,751 14 


Unadjusted Credits. 
Tax liability 


$660,105 32 


$664,671 75 


$844,531 22 


Premium on funded debt 


$267,123 74 


$274,555 14 


$370,548 58 


Operating reserves: 








Injury and damage reserve 


$933,202 98 


$1,031,804 09 


$906,601 92 


Total operating reserves 


$933,202 98 


$1,031,804 09 


$906,601 92 


Accrued depreciation — road and equipment 


$4,431,798 89 


$3,101,465 82 


$2,058,493 73 


Other unadjusted credits: 








Outstanding tickets and checks 


$122,329 19 


$56,026 84 


$102,233 66 


Amount advanced by Commonwealth of Massachu- 
setts under chapter 159, Special Acts of 1918, account 
deficit in cost of service for 12 months ending June 
30, 1919. 

Other unadjusted credits 


2,348,397 40 
5,504 76 


2,348,397 40 
3,954 76 


3,462,955" 22 
25,744 90 


Total other unadjusted credits 


$2,476,231 35 


$2,408,379 00 


$3,590,933 78 


Total unadjusted credits 


$8,768,462 28 


$7,480,875 80 


$7,771,109 23 


Corporate Surplus. 
Miscellaneous fund reserves 


$412,207 03 


$412,207 03 


_ 


Profit and Loss: 
Period to June 30, 1918 


76,109 21i 


98,869 06i 


$173,083 65i 


Period since July 1, 1918 


823,131 69i 


375,110 07i 


339,521 34 


Arising out of consolidation with West End Street Rail- 
way Company, June 10, 1922. 


155,265 17 


115,976 57 


96,475 21 1 


Total corporate surplus 


$331,768 70i 


$54,204 47 


$69,962 48 




$118,618,580 66 


$116,064,181 91 


$111,021,224 10 



i Debit. 



20 



Income Statement. 



Twelve 

Months ending 

Dec. 31, 1924. 



Twelve 

Months ending 

Dec. 31, 1923. 



Twelve 

Months ending 

Dec. 31, 1922. 



Operating Income. 
Passenger revenue . 
Passenger motor bus revenue 
Special car revenue . 
Mail revenue . 
Express revenue 
Miscellaneous transportation revenue 

Total revenue from transportation . 
Station and car privileges .... 
Rent of tracks and facilities .... 

Rent of equipment 

Rent of buildings and other property 

Power 

Miscellaneous 

Total revenue from other railway operations 
Total railway operating revenues 
Railway operating expenses: 

Way and structures 

Equipment .... 

Power 

Conducting transportation . 

Traffic 

General and miscellaneous . 

Transportation for investment 

Total railway operating expenses 

Per cent of operating expenses to operating revenues 

Per cent of operating expenses to operating and non- 
operating income. 

Net revenue, railway operations 

Taxes assignable to railway operations . . . . 

Operating income 



$33,072,029 64 

331,223 37 

15,919 21 

228 92 

44,223 59 

4,532 88 



$33,468,157 61 

$331,842 34 

32,101 13 

6,833 54 

101,277 77 

88,157 19 

17,212 09 



$33,146,803 15 

135,238 40 

15,909 95 

326 70 

50,058 33 

2,475 27 



$31,803,824 46 

13,248 00 

16,950 31 

391 30 

50,132 45 

9,131 66 



$33,350,811 80 

$329,003 18 

29,275 99 

5,236 45 

106,175 26 

110,133 90 

16,376 06 



$577,424 06 
$34,045,581 67 

$3,823,124 08 

4,156,222 11 

2,819,283 28 

11,825,235 02 

7,866 24 

2,611,292 42 

20,889 59i 



$25,222,133 56 
74.08 
73.80 



$8,823,448 11 
$1,623,995 65 
$7,199,452 46 



$596,200 84 
$33,947,012 64 

$4,030,197 21 

3,507,212 63 

3,094,731 22 

10,905,932 68 

3,363 73 

2,609,928 82 

21,112 88i 



$24,130,253 41 

71.08 
70.77 



$31,893,678 18 

$310,830 35 

29,706 88 

3,705 20 

112,829 09 

81,004 13 

21,079 96 



$559,155 61 
$32,452,833 79 

$3,335,892 96 

3,333,241 54 

3,261,918 91 

10,040,831 82 

3,032 88 

2,145,070 71 

31,530 07i 



$22,088,458 75 

68.06 
67.55 



$9,816,759 23 $10,364,375 04 



$1,688,139 91 
$8,128,619 32 



$1,587,186 83 
$8,777,188 21 



i Credit. 



21 



Income Statement — Concluded. 





Twelve 

Months ending 

Dec. 31, 1924. 


Twelve 

Months ending 

Dec. 31, 1923. 


Twelve 

Months ending 

Dec. 31, 1922. 


Non-Operating Income. 








Income from lease of road 


$393 10 


$823 40 


$823 40 


Net income from miscellaneous physical property 


- 


1,935 14 


- 


Dividend income 


3 50 


9,183 50 


9,181 75 


Income from funded securities 


19,147 19 


16,400 71 


5,147 62 


Income from unfunded securities and accounts 


43,316 87 


58,505 33 


196,030 85 


Income from sinking fund and other reserves 


33,280 00 


33,280 00 


33,280 00 


Release of premiums on funded debt .... 


28,737 92 


27,568 30 


- 


Miscellaneous income 


4,912 48 


2,104 24 


1,878 96 


Total non-operating income 


$129,791 06 


$149,800 62 


$246,342 58 


Gross income 


$7,329,243 52 


$8,278,419 94 


$9,023,530 79 


Deductions from Gross Income. 








Rent for leased roads: 








West End Street Railway Company .... 


- 


- 


$1,184,360 67 


West End Street Railway Company, Tremont Street 
Subway. 


$48,551 55 


$52,512 04 


81,263 66 
49,119 85 


Boston Elevated Railway Company, dividend rental 


3,127,015 00 


3,133,065 63 


2,413,115 23 


Total rent for leased roads . . . 


$3,175,566 55 


$3,185,577 67 


$3,727,859 41 




$2,125,593 96 


$2,026,936 52 


$1,927,150 59 


Net loss on miscellaneous phi'sical property . 


53 12 


- 


8,732 53 


Interest on funded debt 


2,430,788 75 


2,289,214 58 


1,831,394 45 


Interest on unfunded debt 


172,102 25 


26,811 96 


59,921 12 


Amortization of discount on funded debt 


43,365 86 


51,120 54 


31,468 08 


Miscellaneous debits 


18,469 43 


19,127 11 


24,815 53 


Total deductions from gross income 


$7,965,939 92 


$7,598,788 38 


$7,611,341 71 


Balance after cost of service 


$636,696 4Qi 


$679,631 56 


$1,412,189 08 



» Deficit. 



22 



Operating Expense Accounts. 



1924. 



1923. 



1922. 



Wat and Structures. 
Superintendence of way and structures . 
Maintenance of track and roadway except snow and ice 

Removal of snow and ice 

Roadway structures 

Signal and telephone and telegraph lines 
Other miscellaneous way expenses .... 
Maintenance of electric line equipment . 
Maintenance of buildings, fixture* and grounds 
Depreciation of way and structures 

Total way and structures 

Equipment. 
Superintendence of equipment .... 

Maintenance of cars 

Maintenance of electrical equipment of cars . 

Shop expenses 

Miscellaneous equipment, vehicles, horses, etc. 
Depreciation of equipment 

Total equipment 

Power. 

Superintendence of power 

Maintenance of power plants 

Depreciation of power plant buildings and equipment 
Operation of power plants 

Total power 

Conducting Transportation. 
Superintendence of transportation .... 
Passenger conductors, motormen and trainmen 
Freight conductors, motormen and trainmen 
Miscellaneous car service employees 
Miscellaneous car service expenses .... 

Station employees 

Station expenses 

Car house employees 

Car house expenses 

Operation of signal and telephone and telegraph lines 
Other transportation expenses .... 

Total conducting transportation 



$259,415 84 

1,716.104 40 

112,752 16 

89,911 94 

58,139 79 

2.5 809 44 

276.938 19 

380,452 32 

873.600 00 



1,839,136 55 
312.9S7 31 

100,635 52 

34.844 51 

24,374 50 

168 36 

421,547 75 

761.520 00 



(210.733 57 

1,615,411 69 

103.291 10 

99.612 69 

22,134 98 

20,846 29 

261.353 24 

381,269 40 

621,240 00 



$3,823,124 08 $4,030 : 197 21 $3,335,892 96 



$163,745 S2 

1,829,866 $7 

600,964 03 

346,672 62 

91.772 77 

1.123.200 00 



$145,647 13 
1,530,825 65 
616,753 25 
267,364 00 
104.942 60 
841,680 00 



$138,091 81 

1,537,888 99 

556,663 00 

260.432 60 

58,605 14 

7S1.560 00 



$4,156,222 11 $3,507,212 63 $3,333,241 54 



$101,027 
314,410 

fin.aoa 

1,904,645 



$89,832 93 
340,120 13 
400,800 00 

2,263,978 16 



$82,01*" 24 
346,884 10 
601,200 00 

2,231,817 57 



$2,819,283 28 $3,094,731 22 $3,261,918 91 



$1,264,552 
7.531,498 
14,299 
301,694 
135,302 
793.733 
267,274 



11 
00 
02 I 

93 
53 
16 « 



$1,084,881 13 

7,043,938 40 

15,706 17 

282.737 65 

146,449 07 

753,913 14 

203,314 57 



$970,988 98 
6.442.707 49 
13,967 87 
275.650 32 
142,702 09 
720.977 04 
209,368 85 



1,008,684 85 


855,488 88 


803,570 03 


61,204 76 


57.577 10 


56,7- 


262.406 23 


239,350 87 


210.814 74 


184,484 27 


222.575 70 


190,302 15 


$11,825,235 02 


$10,905,932 68 


$10,040,831 82 



23 



Operating Expense Accounts — Concluded. 



1924. 



1923. 



1922. 



Traffic. 



Traffic 



General and Miscellaneous. 
Salaries and expenses of general officers and clerks 
General office supplies and expenses 

Law expenses 

Relief department expenses, pensions and gratuities 
Miscellaneous general expenses 
Injuries and damages 

Insurance 

Stationery and printing . 
Store, garage and stable expenses 
Rent of tracks and facilities . 
Rent of eqfiipment . 

Total general and miscellaneous 
Transportation for investment 

Total operating expenses . 



$7,866 24 

$445,845 74 
127,940 49 

53,264 15 
141,217 31 
101,073 86 
914,043 17 
282,532 03 

86,301 64 
398,591 02 

33,403 49 

27,079 52 



$3,363 73 

$416,448 77 
129,010 58 

53,393 15 
121,681 32 

77,449 10 
975,020 68 
316,413 99 

96,726 62 
360,951 94 

34,548 59 

28,284 08 



$3,032 88 

$400,528 25 

77,789 71 

44,712 34 

94,365 35 

70,121 41 

692,800 52 

290,157 08 

121,134 97 

309,172 83 

23,275 28 

21,012 97 



$2,611,292 42 
$20,889 591 
$25,222,133 56 



$2,609,928 82 
$21,112 88i 
$24,130,253 41 



$2,145,070 71 
$31,530 07> 
$22,088,458 75 



» Credit. 



24 



History of the 1919 Loan Assessment on Cities and Towns (Chapter 

159, Special Acts of 1918). 

Allocation of Assessment on Cities and Towns of Boston Elevated Deficit, Year 

ended June SO, 1919. 



Cities and 


Towns. 


Passengers. 


Per 

Cent. 


Amount. 


Distribution 
of July, 1922, 
Repayment. 


Distribution 
of July, 1923, 
Repayment. 


Balance 
due. 


Boston 




2,100,423 


71.9330 


$2,863,042 50 


$372,034 92 


$790,029 10 


$1,700,978 48 


Cambridge 




283,475 


9.7081 


386,397 11 


50,209 95 


106,622 54 


229,564 62 


Somerville 


• 


122,583 


4.1981 


167.090 75 


21,712 43 


46,106 54 


99,271 78 


Brookline 




74,553 


2.5532 


101,621 23 


13,205 06 


28,040 99 


60,375 18 


Medford . 




59,754 


2.0464 


81,449 82 


10,583 91 


22,475 56 


48,390 35 


Maiden . 




55,838 


1.9123 


76,112 44 


9,890 35 


21,002 65 


45,219 44 


Everett . 




54,823 


1.8775 


74,727 35 


9,710 36 


20,619 69 


44,397 30 


Watertown 




41,198 


1.4109 


56,155 96 


7,297 12 


15,496 14 


33,362 70 


Arlington 




32,477 


1.1122 


44,267 25 


5,752 26 


12,215 36 


26,299 63 


Chelsea . 




29,659 


1.0157 


40,426 40 


5,253 17 


11,154 86 


* 24,018 37 


Newton . 




27,201 


.9316 


37,079 09 


4,818 20 


10,231 84 


22,029 05 


Belmont . 


• 


18,746 


.6420 


25,552 57 


3,320 40 


7,051 43 


15,180 74 


Quincy (Conor 
of Massachus 

Stoneham ( 
wealth of 


aonwealtb 
etts). 
Common- 
Slassachu- 


15,569 
3,674 


.5332 
.1258 


21,222 17 
5,007 03 


2,757 69 
650 63 


18,464 48 
4,356 40 


: 


setts). 
Commonwealtl 
chusetts. l 


i of Massa- 


- 


- 


- 


- 


690 24 


*690 24 


Totals 


2,919,973 


100.00 


$3,980,151 67 


$517,196 45 


$1,114,557 82 


$2,348,397 40 



Based on traffic counts made July 24, 25, 26, 27, 1919, in accordance with the provisions of section 14, 
chapter 159, Special Acts of 1918. 

1 From the July, 1923, repayment the Commonwealth of Massachusetts deducted $690.24 to reim- 
burse themselves for the difference between 126 days' interest at 4.28 per cent on $4,000,000 
(note issued July 17, 1919, due November 20, 1919) and $3,980,151.67, the amount paid to the 

Boston Elevated Railway Company . $297 33 

And interest from July 17, 1919, to July 19, 1923, on amount the State deducted to pay assess- 
ment of Quincy and Stoneham 392 91 

Amount of expense to State to be assessed to towns and cities pro rata to their original 

contribution . - $690 24 

* Credit. 



25 



BOSTON ELEVATED RAILWAY COMPANY, 
TRUSTEE. 

Statement of Special Trust Fund, December 31, 1924. 

Principal of trust fund as established $1,500,000 00 

Accretions and accumulations to December 31, 1924 . . . 620,899 80 



Total special trust fund $2,120,899 80 

Income from June 10, 1922, to December 31, 1924 $217,888 48 
Less amount paid on account of retirement of 
second preferred stock, as follows : 
718^ shares purchased July, 1923 . $72,193 40 
919 shares purchased July, 1924 . 90,319 68 

162,513 08 

$55,375 40 

Investments $2,108,291 84 

Cash on deposit $67,983 36 






Annual Report 



OP THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1925 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1925 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts, pursuant to 
Chapter 159 of the Special Acts of 1918.) 

SAMUEL L. POWERS, Chairman 
WINTHROP COFFIN STANLEY R. MILLER 

ANDREW MARSHALL J. FRANK O'HARE 



OFFICERS 

(Appointed by the Trustees.) 

EDWARD DANA General Manager 

HENRY L. WILSON Treasurer. 

JOHN H. MORAN General Auditor. 

H. WARE BARNUM General Counsel. 

RUSSELL A. SEARS . General Claims Attorney. 



REPORT OF THE BOARD OF PUBLIC TRUSTEES OF THE 
BOSTON ELEVATED RAILWAY 



The Public Trustees of the Boston Elevated Railway respectfully submit 
their seventh annual report. 

Results of Operation 

The calendar year 1925 has shown a balance of receipts above cost of 
service of $502,193.85. Close supervision of expenditures has been necessary 
to reach this result. Basic wage rates of 12y 2 cents per hour for surface motor- 
men and coductors, established by the 1924 arbitration award, were continued 
unchanged by the arbitration board of 1925, which, however, increased the 
differential for one-man car and bus operators from 8 cents to 10 cents per 
hour above the basic rate. 

In order to meet the situation created by the 1924 award the car repair 
shops were operated throughout the greater part of the year on a 5-day week, 
track reconstruction was reduced somewhat below the average amount neces- 
sary, car mileage operated was reduced 500,000, one-man car operation was 
considerably increased, and many lesser economies put in effect. 

Reduction in cost of power and cost of accidents together with an increase 
of $386,716.13 in operating revenues, materially assisted in reaching the fa- 
vorable result shown. 

The seventh full year of public operation closed on June 30, 1925, with a 
balance of receipts over cost of service of $20,581.33, which amount was repaid 
to the cities and towns served by the railway. 

A gratifying increase in riding and revenue during the latter part of 1925 
and early 1926 has permitted the resumption of full time work in the shops 
and a substantial increase in the number of car trips and car miles operated. 



Receipts and Expenditures 
The following comparative tables present a summary of receipts and 
expenditures for the past five calendar years and the allocation of cost of 
service per revenue passenger for the year ending December 31, 1925 : 

Comparative Division of Receipts and Expenditures for Year Ending Dec. 31. 





1925 


1924 


1923 


1922 


1921 


Total receipts .... 


$34,547,379.61 


$34,175,319.61 


$34,096,813.26 


$32,699,176.37 


$33,277,025.53 


Operating expenses: 












Wages 


$16,931,549.57 


$17,358,670.49 


$16,224,275.94 


$14,772,340.42 


$15,563,255.53 


Material and other items 


3,175,981.86 


3,203,378.92 


3,236,805.32 


2,903,650.98 


3,093,934.69 


Injuries and damages . 


666,488.49 


740,025.39 


822,775.24 


555,355.59 


518,249.02 


Depreciation . 


2,496,000.00 


2,496,000.00 


2,004,000.00 


2,004,000.00 


2,004,000.00 


Fuel 


1,135,715.65 


1,424,058.76 


1,842,396.91 


1,853,111.76 


1,663,617.75 


Total operating expenses 


$24,405,735.57 


$25,222,133.56 


$24,130,253.41 


$22,088,458.75 


$22,843,056.99 




1,652,517.57 


1,623,995.65 


1,688,139.91 


1,587,186.83 


1,546,758.15 


Kent of leased roads (in- 
cluding dividend rental 
under chapter 159, Acts of 


3,169,448.86 


3,175,566.55 


3,185,577.67 


3,646,595.75 


4,203,061.72 


Subway and tunnel rents 


2,217,470.08 


2,125,593.96 


2,026,936.52 


2,008,414.25 


1,963,737.78 


Interest on bonds and notes 


2,540,909.21 


2,602,891.00 


2,316,026.54 


1,891,315.57 


1,494,258.43 


Miscellaneous items 


59,104.47 


61,835.29 


70,247.65 


65,016.14 


54,707.59 


Total cost of service . 


$34,045,185.76 


$34,812,016.01 


$33,417,181.70 


$31,286,987.29 


$32,105,580.66 


Loss for year .... 




$636,696.40 








Gain for year .... 


$502,193.85 




$679,631.56 


$1,412,189.08 


$1,171,444.87 



Profit and Loss Items not included in above. 



Boston Elevated Railway 

Allocation of Cost of Service 

per Passenger 
12 Months Ending December 31, 1925. 
Average Receipts per Revenue Passenger 9.464^ 

Cost of Service ^7 ^%ri^ pe r RevenuePassenger 



DIVIDED AS FOLLOWS 



V 






<* -ft 



«!> 



r* 






<r ^ o> 



<^ ^ \ ^© •* 



fcv\ 



*e 






*> 



\ 



0^ 



<£ 



x-. 



tf 



4$> 



«s«**S> 



\ 



% 



^: 



COAL .311* SSS-~~p* 



&* 




' 1 
Sv*' A: 1 

X 



LABOR 
4.638* 



8 



Traffic Statistics, Year Ending December 31. 



Round trips operated 

Passenger revenue 

Passenger revenue per car mile (cents) 

Passenger revenue per car hour . 

Passenger revenue mileage . 

Passenger revenue car hours 

Revenue passengers carried 

Revenue passengers carried per car mile 

Revenue passengers carried per car hour 



1925 



7,185,587 

$33,790,441.73 

60.93 

$5.86 

55,461,094f 

5,767,957 

365,036,286 

6.582 

63.28 



1924 



6,994,749 

$33,419,172.22 

59.69 

$5.67 

55,988,679f 

5,894,115 

382,888,848 

6.838 

64.96 



1923 



6,488,082 
$33,297,951.50 
61.61 
$5.71* 
54,049,665f 
5,826,993* 
382,149,697 
7.070 
65.58* 



1922 



6,059.531 

$31,834,022.77 

62.94 

$7.09 

50,575,088t 

4,487,400 

356,593,942 

7.051 

79.47 



*Car hours, American Electric Railway Association 

fincluding motor bus mileage 

1922 
1923 
1924 
1925 



Standard, adopted February 1, 1923. 

63,937 

465,382 

890,901 

2,472,456 



Comparative Passenger Statistics— Revenue Passengers Carried. 



Year 


Week Day 
Average 


Saturday 
Average 


Sunday 
Average 


Holiday 
Average 


Total for 
Year 


1925 


1,066,317 


1,172,871 


577,200 


660,007 


365,036,286* 


1924 












1,109,861 


1,216,132 


630,755 


727,191 


382,888,84S* 


1923 












1,109,274 


1,196,301 


652,404 


758,915 


382,149,697* 


1922 












1,030,303 


1,144,320 


617,148 


691,890 


356,593,942* 


1921 












975,745 


1,068,295 


578,860 


696,691 


337,252,080 


1920 












960,737 


.1,072,319 


591,063 


703,634 


335,526,561 


1919 












934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1918 












985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1917 












1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1916 












1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1915 












992,283 


1,140,046 


685,726 


846,860 


352,469,586 


*N 


DTF 


•— r> 


urin 


y th< 


' vea 


rs 1922. 1923 a 


nd 1924. one n 


assen^er makin 


e a single ioui 


nev for which 



he might pay two five-cent fares was counted as two revenue passengers. The substitution in November, 
1924, of six-cent tickets for five-cent cash fares has often resulted in the payment of a ten-cent fare by 
such a passenger with a consequent reduction in the company's figures of total revenue passengers car- 
ried, though the gross passenger revenue for the year 1925, which increased $371,269.51, would indicate 
substantially the same number of passengers carried by the railway in 1925 and 1924. 



9 



Buses 

This railway has been a pioneer in co-ordinating the motor bus with street 
railway service. 

It was early decided that no attempt should be made to retard the develop- 
ment of this form of transportation but that the public would best be served 
by seeking to discover where such service would be desirable and then supply- 
ing the same in conjunction with rapid transit and surface electric lines. In 
large metropolitan centers better and more economical transportation can in 
general be supplied by electric cars, but upon lines where traffic is not sufficient 
to warrant the heavy investment in track and electric system or where streets 
are so narrow or congested by vehicular traffic that the electric car is continu- 
ously blocked and delayed in its passage, the motor bus fills an important place. 

If competing bus lines were established within the area served by the rail- 
way system operated by this board in behalf of the Commonwealth the revenue 
of passengers so diverted would constitute a direct loss to the Commonwealth 
to which all receipts after payment of expenses accrue. In addition to that 
loss the service furnished to the public as a whole would be impaired. Conse- 
quently, this board has consistently taken the position that no competing bus 
line should be permitted within the territory served by this system and has 
adopted the policy of standing ready to furnish bus service within that general 
territory wherever it appeared in the public interest that bus service should 
be given. By this method better transportation is supplied since with street 
cars and buses under one management the service given by each can be co- 
ordinated and used to improve instead of to injure the service given by the 
other. Free transfer from car to bus and vice versa is possible under such a 
unified system. 

This board has not opposed the establishment of through bus lines from 
distant points which would not compete with local transportation in the terri- 
tory served by this system. With the increasing traffic congestion in the center 
of Boston the time may come when in the public interest such lines will end 
at rapid transit terminals instead of in the center of Boston. The various city 
councils and local authorities vested with the power to license auto buses have 
appreciated the soundness of these principles and in general have adopted and 
acted upon them. 

The increase in bus transportation is shown by the following table of 
miles operated: 

1922 63,937 

1923 465,382 

1924 890,901 

1925 2,472,456 



10 

At the present time there are twenty-five routes in operation employing 157 
machines. In connection with this business the chartering of special buses in 
place of special cars and supplementary to special car service is being de- 
veloped. Last year the revenue from this special bus service amounted to 
$15,130.07. 

Operating Changes and Betterments 

During the year new garages accommodating 56 buses each have been 
constructed at the Arborway near Forest Hills, and Salem Street, Medford, 
and the first unit of the Lotus Place car repair house has been practically 
completed. 

New lobby buildings in which are contained waiting and locker rooms for 
motormen and conductors, as well as rooms for making out their returns and 
reports, have been constructed at Arborway, Reservoir, Lake Street and Allston. 

A prepayment station has been constructed at Egleston Square and an 
area provided at Kendall Square for interchange between Cambridge Subway 
trains and buses operating from this point. 

The stairway between Park Street Under and Park Street northbound 
platform was widened by the Transit Department and the pits in which the 
trains run in six of the subway and tunnel stations have been concreted so as 
to permit ready cleaning and washing. 

A new entrance has been provided at Sullivan Square giving greater con- 
venience to passengers entering the station. 

During the year actual construction of the Dorchester Tunnel Ex- 
tension was begun by the Transit Department of the City of Boston. The 
first section of the work has been completed and substantial progress made 
upon the second section. 

13.383 miles of track and special work have been rebuilt and 2.31 miles 
extensively repaired. 

All-night service of cars in the Boylston Street Subway has been inaugu- 
rated and a system of stopping cars at particular berths established in subway 
stations. 

Stopping places on certain lines have been relocated, thereby reducing the 
number of stops and speeding up the service, with resultant economies. 

In an attempt to encourage parking of automobiles outside of the con- 
gested centers and inducing such riders to make their journey into the city by 
rapid transit, an experiment was made of leasing land located near the Everett 
Terminal for this purpose. 

Direct connection of a large garage adjacent thereto with the Kendall 
Square station of the Cambridge Subway awaits action by the Legislature 
authorizing the Department of Public Utilities to act for the Commonwealth 
in giving necessary permission. 



11 



Passenger Cars and Buses Owned 



Surface Cars 



Semi-convertible cars 

Semi-convertible cars — one or two-man type . 

Center entrance cars 

Trailer cars 

One-man cars (Birney type) 

Articulated cars (40' and 50' type) . 

Box cars 

Open cars 



Total surface passenger cars 



1926 



1,649 



1924 



440 


443 


453 


419* 


344 




396 


396 


100 


220 


220 


174 


36 


36 


1 




30 


177 


138 


183 


1,113 
1,354 



1,652 



1918 



3,372 



Rapid Transit Lines 





98 

227 

95 

48 


98 

227 

95 

48 


169 
162 

60 

• • • • 


Total rapid transit passenger cars .... 
Total surface and rapid transit cars .... 


468 
2,117 


468 
2,120 


391 
3,763 





Passenger Motor Buses 










66 
3 


33 
2 


• • • • 




69t 


35J 






Total passenger cars and buses owned 



2,186 



2,155 



3,763 



*42 additional cars of this type are on order. 

tin addition, the Boston Elevated Railway were, on December 31, 1925, operating 80 leased buses. 

tin addition, the Boston Elevated Railway were, on December 31, 1924, operating 30 leased buses. 



12 

Cars 

Ninety new No. 5 type cars of an order of 100 placed in July, 1925, have 
been received and placed in service. 

It is interesting to note that of the 82,450 cars in the United States 34% 
are over twenty years of age, while on the Boston Elevated only 12.7% of the 
passenger cars now in service are over twenty years old. 

Sixty cars of the Cambridge Subway type have been ordered to provide 
for operating the Dorchester Rapid Transit extension when completed. 



Accident Record 

An improvement has been made during this year in the accident record. 
Operating charges on this account were reduced from $914,043.17 in 1924 to 
$846,235.82. 



Accidents Per Million Car Miles 





1925 


1924 


One-man Cars 


204 


205 


Two-man Cars 


245 


249 



Power 

The pow T er plant equipment recently installed as well as minor improve- 
ments made during the year have resulted in a record of efficient operation 
during the last twelve months. 

The average pounds of coal consumed per kw. hr. D. C. at the cars was 
1,973 in 1925 as compared with 2,068 last year. This is the lowest of any 
year in the history of the railway. The average cost of coal per ton during 
1925 was $5.22, as compared with $5,921 last year, and is also the lowest since 
1917. There was a reduction of 23,078 tons of coal burned as compared with 
1924. 

A number of important minor improvements have been made during the 
year such as the provision of a 100,000 gallon storage water tank at South 
Boston as emergency reservoir, new boiler feed pumps, air compressor equip- 
ment, additional rotary at Kendall Sq. and installation of automatic equipment 
at Oak Sq. sub-station. 



13 





1925 


1924 


1923 


1922 


1921 


1920 


1919 


Tons of coal burned 


217,414 


240,493 


260,032 


273,441 


215,870 


258,087 


287,670 


Pounds of coal per 
















kilowatt hour 


1.973 


2.068 


2.264 


2.553 


2.174 


2.353 


2.835 


Average price of 
















coal per ton 


$5.22 


$5,921 


$7,065 


$6,777 


$7.71 


$10.07 


$5.91 


Net cost of power for 
















car service per kilo- 
















watt hour (cents) 


1.021 


1.093 


1.227 


1.414 


1.172 


1.921 


1.307 


Net cost of power 
















per total revenue 
















car mile (cents) 


4.428 


4.833 


5.468 


6.153 


4.815 


8.538 


5.439 


Direct current annual 
















output (kilowatts) 


246,835,300 


260,401,225 


257,270,357 


239,905,874 


222,461,060 


245,676,503 


239,892,118 


Direct current maxi- 
















mum hour output 
















(kilowatts) 


85,660 


86,245 


82,965 


78,755 


75,905 


72,295 


71,760 



The Immediate Future 
For several years this Board in its annual reports and before committees 
of the General Court has called attention to existing limitations upon the 
raising of new capital for desirable improvements of the Railway. That 
matter has been recently considered by a special recess commission whose 
report is now before your two branches. Nothing new or additional can be 
written at this time. Pending some action on that report by you this Board 
feels it must be necessarily restricted to operating the Railway at the highest 
efficiency possible with existing facilities and property purchased from time 
to time from the allowance to offset the annual exhaustion of depreciable 
property. 

SAMUEL L. POWERS, 
WINTHROP COFFIN, 
ANDREW MARSHALL, 
STANLEY R. MILLER, 
J. FRANK O'HARE. 



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15 



1 Federal Street, Boston 9, January 30, 1926. 

Mr. Samuel L. Powers, Chairman, 
Mr. Winthrop Coffin, 
Mr. Andrew Marshall, 
Mr. Stanley R. Miller, 
Mr. J. Frank O'Hare, 

Trustees 
Boston Elevated Railway, 
Boston, Massachusetts. 

Sirs: 

We have examined the accounts of the Boston Elevated Railway for the 
year ending December 31, 1925, and we report upon the railway's financial 
statements for the year, presented herewith, as follows : 

Road and equipment are shown at book values. In our opinion, adequate 
provision for depreciation has been made for the year under review, in pursu- 
ance of the plan for depreciation reserves followed by the Public Trustees from 
July 1, 1918. 

The securities owned by the railway were produced for our inspection and 
are carried at cost values, which, in the aggregate, are less than the total market 
values. We have verified the current assets as shown by the books, and have 
satisfied ourselves that the liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing comments, the ac- 
companying balance sheet is in accordance with the books and correctly states 
the financial condition of the Boston Elevated Railway at December 31, 1925, 
and that the operating results for the year 1925 are fairly presented in the ac- 
companying income statement. 

Respectfully submitted, 

PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



16 



General Balance Sheet 



Debits 



Investments 
Road and equipment: 
Way and structures . 

Equipment 

Power 

General and Miscellaneous . 



Total road and equipment 
Miscellaneous physical property 
Other investments: 

Stocks 

Notes 



Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company 



Total other investments 
Total investments 



Dec. 31,1925 



$61,591,019.11 

25,485,197.59 

17,665,559.02 

1,902,597.66 



$106,644,373.38 
$58,889.13 

$2,552.50 
229,700.00 

119,283.19 



Dec. 31, 1924 



$61,477,855.69 

24,966,763.74 

17,452,644.77 

1,893,554.61 



Dec. 31, 1923 



$60,895,143.85 

23,915,042.10 

16,545,809.30 

1,881,601.30 



$105,790,818.81 $103,237,596.55 



$351,535.69 
5107,054,798.19 



$58,889.12 

$2,552.50 
155,250.00 

114,346.66 



$272,149.16 
$106,121,857.09 



$112,348.82 

$2,552.50 
453,200.00 

143,562.99 



$599,315.49 
$103,949,260.86 



17 



General Balance Sheet 



Crf.dits 



Stock 



Capital stock: 

First preferred stock 
Second preferred stock 
Preferred stock . 
Common stock . 



Total capital stock 
Premium on capital stock: 
Second preferred stock 
Common stock . 



Total premium on capital stock 

Total stock 

Long-Term Debt 
Funded debt unmatured: 
Miscellaneous obligations: 

6% 5-yr. Boston Elev. Ry. bonds, due Mar. 

7% 6-yr. W. E. St. Ry. Co. bonds, due Aug. 

61% 5-yr. W. E. St. Ry. Co. bonds, due Feb. 

6% 5-yr. W. E. St. Ry. Co. bonds, due May 

4$% 20-yr. W. E. St. Ry. Co. bonds, due July 

4% 30-yr. W. E. St. Ry. Co. bonds, due Aug. 

5% 20-yr. W. E. St. Ry. Co. bonds, due Nov. 

6% 10-yr. Boston Elev. Ry. bonds, due June 

6% 10-yr. Boston Elev. Ry. bonds, due Mar. 

7\1>% 10-yr. Boston Elev. Ry. bonds, due Aug. 

4% 30-yr. Boston Elev. Ry. bonds, due May 

5% 20-yr. W. E. St. Ry. Co. bonds, due May 

4?% 30-yr. Boston Elev. Ry. bonds, due Oct. 

4^% 30-yr. Boston Elev. Ry. bonds, due Nov. 

5% 30-yd. Boston Elev. Ry. bonds., due Dec. 

5% 30-yr. W. E. St. Ry. Co. bonds, due Mar. 

7% 30-yr. W. E. St. Ry. Co. bonds, due Sept. 



1, 1924 
1, 1924 
1, 1927 
1, 1927 
1, 1930 
1, 1932 
1, 1932 
1, 1933 
1, 1934 
1, 1934 
1, 1935 
1, 1936 
1, 1937 
1, 1941 
1, 1942 
1, 1944 
1, 1947 



Total bonds 
Mortgage notes 



Total funded debt unmatured 
Total long-term debt 



Dec. 31, 1925 



$6,400,000.00 

13,754,500.00 

3,000,000.00 

23,879,400.00 



$47,033,900.00 

$2,232,477.02 
2,707,428.13 



$4,939,905.15 
$51,973,805.15 



Dec. 31, 1924 



^2,706,000.00 

1,956,000.00 

1,604,000.00 

5,709,000.00 

600,000.00 

3,000,000.00 

2,098,000.00 

1,581,000.00 

8,500,000.00 

815,000,00 

4,800,000.00 

5,000,000.00 

8,286,000.00 

2,000,000.00 

570,000.00 



$49,819,000.00 

125,000.00 



$49,944,000.00 
$49,944,000.00 



$6,400,000.00 

13,866,100.00 

3,000,000.00 

23,879,400.00 



$47,145,500.00 

$2,232,477.02 
2,707,428.13 



Dec. 31, 1923 



$4,939,905.15 
$52,085,405.15 



$2,700,000.00 
1,956,000.00 
1,604,000.00 
5,709,000.00 

600,000.00 
3,000,000.00 
2,098,000.00 
1,581,000.00 
8,500,000.00 

815,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 

570,000.00 



$6,400,000.00 

13,957,700.00 

3,000,000.00 

23,879,400.0) 



$47,237,100.00 

$2,232,477.02 
2,707,428.13 



$4,939,905.15 
$52,177,005.15 



$49,819,000.00 
125,000.00 



$49,944,000.00 
$49,944,000.00 



$1,500,000.00 
1,581,000.00 
2,700,000.00 
1,956,000.00 
1,604,000.00 
5,709,000.00 
600,000.00 
3,000,000.00 



8,500,000.00 
815,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 
570,000.00 



$49,221,000.00 

125,000.00 



$49,346,000.00 
$49,346,000.00 



18 



General Balance Sheet— Concluded 



Debits 

Current Assets 
Cash 

Special deposits: 

Interest, dividends and rents unpaid 

Reserve fund, chapter 159, Special Acts 1918 . 
Funds available for capital expenditures only . 

Total special deposits 

Loans and notes receivable 

Miscellaneous accounts receivable 

Material and supplies 

Interest, dividends and rents receivable 

Other current assets 

Total current assets 

Deferred Assets 
Insurance and other funds 

Total deferred assets 

Unadjusted Debits 
Rents and insurance premiums paid in advance . 

Discount on funded debt 

Other unadjusted debits: 

Cost of service deficit for twelve months ending June 
30, 1919. as provided for by Commonwealth of 
Massachusetts, chapter 159, special acts of 1918 . 
Other unadjusted debits 



Total other unadjusted debits 
Total unadjusted debits . 



Total debits . 



Dec. 81, 1925 



$750,385.29 



$792,860.50 

369,133.12 

37,000.00 



$1,198,993.62 

200,313.99 
2,272,808.12 
17,147.70 
39,232.11 



$4,478,880.83 



2,936,045.86 



$2,936,045.86 

$181,558.40 
482,395.35 



2.327,816.07 
73,330.68 



$2,401,146.75 
$3,065,100.50 



$117,534,825.38 



Dec. 31, 1924 



$2,237,296.37 



$796,101.50 



37,000.00 



$833401.50 

9,000.00 

197,754.22 

2,973,479.61 

15,052.34 

39,337.6* 



$6,305,021.70 



2,923,449.80 



$2,923,449.80 

$198,067.92 
522,990.51 



2,348,397.40 
198,796.24 



Dec. 31, 1923 



$1,280,272.53 

$794,613.25 

243,031.99 

45,000.00 



$118,618,580.66 



$1,082,645.24 

148,305.78 

8,200,985.74 

51,441.40 

85,882.90 



$5,799,533.59 
2,975,761.20 



$2,975,761.20 

$251,972.97 
559,832.29 



2,348,397.40 
179,423.60 



$2,547,193.64 $2,527,821.00 
$3,268,252.07 $3,389,626.26 



$116,064,181.91 



19 



General Balance Sheet— Concluded 



Credits 



Current Liabilities 
Loans and notes payable 

Audited accounts and wages payable 

Matured interest, dividends and rents unpaid . 

Accrued interest, dividends and rents payable: 

Accrued interest on funded debt 

Accrued interest on loans and notes payable . 

Accrued rents, leased roads, other companies . 

Accrued rents, subways and tunnels 

Accrued rents, leased roads, B. E. Ry. Co., dividend 
rental 



Total accrued interest, dividends 

payable .... 

Total current liabilities . 

Deferred Liabilities 
Other deferred liabilities . 



Total deferred liabilities 

Unadjusted Credits 



Tax liability 

Premium on funded debt . 

Operating reserves: 

Injury and damage reserve .. 

Total operating reserves . 
Accrued depreciation — road and equipment 
Other unadjusted credits: 

Outstanding tickets and checks . 



and rents 



Amount advanced by Commonwealth of Massachusetts 
under chapter 159, Special Acts of 1918, account 
deficit of cost of service for 12 months ending 
June 30, 1919 .... 



Other unadjusted credits 



Total other unadjusted credits 

Total unadjusted credits 

Corporate Surplus 
Miscellaneous fund reserves . 

Profit and loss— Period to June 30, 1918 . 

Profit and Loss — Period since July 1, 1918 . 

Profit and loss, arising out of consolidation with 
End St. Ry. Co., June 10, 1922 .... 



Total corporate surplus 
Total credits 



West 



Dec. 31, 1925 



$2,800,000.00 
846,324.89 
794,066.00 

$533,080.43 

6,618.34 
91.94L66 

240,703.75 



$872,344.18 
$5,312,735.07 

38,680.22 



$38,680.22 

$633, 630.64 
$238,709.90 

784,353.97 



$784,353.97 
$6,122,962.98 

$148,249.90 
2,327,816.07 



$2,476,065.97 
$10,255,723.46 

$412,207.03 

*76,109.21 

*362,200.05 

35,983.71 



$9,881.48 
£117,534,825.38 



Dec. 31, 1924 



$5,200,000.00 

1,242,700.05 

797,307.00 

$533,080.43 

6,659.24 
89,778.34 

242,656.75 



$872,174.76 
8,112,181.81 

40,300.12 



$40,300.12 

$660,105.32 
$267,123.74 

933,202.98 



$933,202.98 
$4,431,798.89 

$122,329.19 

2,348,397.40 
5,504.76 



$2,476,231.35 
$8,768,462.28 

$412,207.03 
*76,109.21 

♦823,131.69 
155,265.17 



*$331,768.70 
$118,618,580.66 



Dec. 31, 1923 



$3,934,172.50 

1,363320.74 

795,818. IS 

$531,001.68 

196.40 

8,189.82 

88,313.34 

244,259.75 



$871,960.99 
$6,965,772.98 

40,323.51 



$40,323.51 

$664,671.75 
$274,555.14 

1,031,804.09 



$1,031,804.09 
$3,101,465.82 

$56,026.84 

2,348,397.40 
3,954.76 



$2,408,379.00 
$7,480,875.80 

$412,207.03 
♦98,869.06 

♦375,110.07 
115,976.57 



$54,204.47 
$116,064,181.91 



♦Debit. 



20 



Income Statement 



Operating Income 

Passenger revenue • 

Passenger motor bus revenue 

Special car revenue 

Mail revenue 

Express revenue 

Miscellaneous transportation revenue 

Total revenue from transportation . 

Station and car privileges 

Rent of tracks and facilities 

Rent of equipment 

Rent of buildings and other property 

Power . 

Miscellaneous 

Total revenue from other railway operations . 
Total railway operating revenues . 
Railway operating expenses: 

Way and structures 

Equipment 

Power 

' Conducting transportation . . . 

Traffic 

General and miscellaneous 

Transportation for investment 

Total railway operating expenses . 
Per cent, of operating expenses to operating revenues . 
Per cent, of operating expenses to operating and non 

operating income 

Net revenue, railway operations 

Taxes assignable to railway operations 

Operating income 



Twelve Twelve Twelve 

Months ending ! Months ending Months ending 
Dec. 31, 1925 j Dec. 31, 1924 j Dec. 31, 1923 



$32,906,220.11 

853,706.68 

30,514.94 

176.73 

3S.205.06 

4.363.29 



| $33,833,186.81 
$338,345.05 
55.868.81 
3,823.57 
94,518.75 
78,092.47 
28.462.34 



$599,110.99 
$34,432,297.80 

$3,766,615.55 

3,900,956.41 

2,536,1?9.09 

11,567,233.19 

3,239.51 

2,656,275.42 

24,713.60* 



$33,072,029.64 

331,223.37 

15,919.21 

228.92 
44,223.59 

4,53?.88 



$33,468,157.61 

$331,842.34 

32,101.13 

6,833.54 

101,277.77 

88,157.19 

17.212.09 



$577,424.06 
$34,045,581.67 

$3,823,124.08 

4,156,222.11 

2,819,283.28 

11,825,235.02 

7,866.24 

2,611,292.42 

20,889.59* 



$33,146,803.15 

135,238.40 

15,909.95 

326.70 

50,058.33 

2,475.27 



$33,350,811.80 

$329,003.18 

29,275.90 

5,236.45 

106,175.26 

110,133.90 

16,376.06 

$596,200.84 

$33,947,012.64 

$4,030,197.21 

3,507,212.63 

3,094,731.22 

10,905,932.68 

3,363.73 

2,609,928.82 

21,112.88* 



$24,405,735.57 

70.88 

70.64 



$10,026,562.23 
$1,652,517.57 
$8,374,044.66 



$25,222,133.56 $24,130,253.41 
74.08 71.08 



73.80 



70.71 



$8,823,448.11 j $9,816,759.2.'* 
$1,623,995.65 $1,688,139.91 
$7,199,452.46 $8,128,619.32 



♦Credit 



21 



Income Statement— Concluded 



Non-Operating Income 

Income from lease of road 

Net income from miscellaneous physical property 

Dividend income 

Income from funded securities . 
Income from unfunded securities and accounts 
Income from sinking fund and other reserves . 
Balance of premiums on funded debt 
Miscellaneous income 

Total non-operating income . 

Gross income 

Deductions from Gross Income 
Rent for leased roads: 

Boston Elevated Railway Co., dividend rental 
Other roads 

Total rent for leased roads . 

Miscellaneous rents 

Net loss on miscellaneous physical property . 

Interest on funded debt 

Interest on unfunded debt 

Amortization of discount on funded debt 
Miscellaneous debits 

Total deductions from gross income . 
Balance after cost of service . 



Twelve 
Months ending 
Dec. 31, 1925 



$50.00 

486.71 

3.50 

11,286.54 

39,583.34 

33,280.00 

28,413.84 

1,977.88 



$115,081.81 
$8,489,126.47 



$3,119,532.00 
49,916.86 



$3,169,448.86 

2,217,470.08 

2,422,935.00 

117,974.21 

40,595.16 

18,509.31 



Twelve 
Months ending 
Dec. 31, 1924 



Twelve 
Months ending 
Dec. 31, 1923 



$7,986,932.62 
$502,193.85 



$393.10 

3.50 
19,147.19 
43,316.87 
33,280.00 
28,737.92 
4,912.48 



$129,791.06 
$7,329,243.52 



$3,127,015.00 
48,551.55 



$3,175,566.55 

2,125,593.96 

53.12 

2,430,788.75 

172,102.25 

43,365.86 

18,469.43 



$7,965,939.92 
$636,696.40f 



$823.40 

1,935.14 

9,183.50 

16,400.71 

58,505.33 

33,280.00 

27,568.30 

2,104.24 



$149,800.62 
$8,278,419.91 



$3,133,065.63 
52,512.04 



$3,185,577.67 

2,026,936.52 

2,289,214.58 
26,811.96 
51,120.54 
19,127.11 



$7,598,788.38 
$679,631.56 



tDebit. 



22 

Operating Expense Accounts 



Way and Structures 
Superintendence of way and structures .... 

Maintenance of track and roadway 

Removal of snow and ice 

Roadway structures 

Signal and telephone and telegraph lines 

Other miscellaneous way expenses 

Maintenance of electric line equipment .... 
Maintenance of buildings, fixtures and grounds . 
Depreciation of way and structures 

Total way and structures 

Equipment 

Superintendence of equipment 

Maintenance of cars 

Maintenance of electrical equipment of cars 

Shop expenses 

Miscellaneous equipment 

Depreciation of equipment 

Total equipment 

Power 

Superintendence of power 

Maintenance of power plants 

Depreciation of power plant buildings and equipment 
Operation of power plants 

Total power 

Conducting Transportation 

Superintendence of transportation 

Passenger conductors, motormen and trainmen 
Freight conductors, motormen and trainmen 
Miscellaneous car service employees .... 

Miscellaneous car service expenses 

Station employees 

Station expenses 

Car kouse employees 

Car house expenses 

Operation of signal and telephone and telegraph lines 

Other transportation expenses 

Total conducting transportation .... 



1925 



1924 



$300,059.42 

1,674,982.97 

102,010.21 

139,971.48 

45,461.53 

28,500.39 

268,596.39 

408,313.16 

798,720.00 



$3,766,615.55 

.$166,114.08 

1,636,119.80 

548,260.30 

305,027.05 

97,275.18 

1,148,160.00 



$3,900,956.41 

$109,674.73 

252,174.07 

549,120.00 

1,625,160.29 



$2,536,129.09 

$1,260,224.22 
7,264,106.43 

12,090.14 
283,360.41 
124,853.23 
816,813.28 
295,135.19 
990,106.64 

61,887.89 
268,245.54 
190,410.22 



$11,567,233.19 



$289,415.84 

1,716,104.40 

112,752.16 

89,911.94 

58,139.79 

25,809.44 

276,938.19 

280,452.32 

873,600.00 



$3,823,124.08 

$163,745.82 

1,829,866.87 

600,964.03 

346,672.62 

91,772.77 

1,123,200.00 



$4,156,222.11 

$101,027.03 

314,410.35 

499,200.00 

1,904,645.90 



$2,819,283.28 

$1,264,652.86 

7,531,498.41 

14,299.00 

301,694.02 

135,302.93 

793,733.53 

267,274.16 

1,008,684.85 

61,204.76 

262,406.23 

184,484.27 



$11,825,235.02 



1923 



$248,982.68 

1,839,136.58 

312,987.31 

100,635.52 

34,844.51 

24,374.50 

286,168.36 

421,547.75 

761,520.00 



$4,030,197.21 

$145,647.13 
1,530,825.65 
616,753.25 
267,364.00 
104,942.60 
841,680.00 



$3,507,212.63 

$89,832.93 

340,120.13 

400,800.00 

2,263,978.16 



$3,094,731.22 

$1,084,881.13 
7,043,938.40 

15,706.17 
282,737.65 
146,449.07 
753,913.14 
203,314.57 
855,488.88 

57,577.10 
239,350.87 
222,575.70 



$10,905,932.68 



23 



Operating Expense Accounts — Concluded 



Traffic 



Traffic 



General and Miscellaneous 
Salaries and expenses of general officers and clerks 
General office supplies and expenses 

Law expenses 

Relief department expenses, pensions and gratuities 
Miscellaneous general expenses .... 

Injuries and damages 

Insurance 

Stationery and printing 

Store, garage and stable expenses .... 

Rent of tracks and facilities 

Rent of equipment 



Total general and miscellaneous . 

Transportation for Investment 
Total operating expenses 



1925 



$3,239.51 

$447,342.98 
157,752.22 

67,139.30 
180,028.88 
118,702.10 
846,235.82 
271,968.70 

83,259.55 
384,051.76 

22,193.65 

77,600.37 



$2,656,275.42 

*24,713.60 
$24,405,735.57 



1924 



$7,866.24 

$445,845.74 
127,940.49 

53,264.15 
141,217.31 
101,073.86 
914,043.17 
282,532,03 

86,301.64 
398,591.02 

33,403.49 

27,079.52 



$2,611,292.42 

*20,889.59 
P25,222,133.56 



1923 



$3,863.73 

$416,448.77 
129,010.58 

53,393.15 
121,681.32 

77,449.10 
975,020.68 
316,413.99 

96,726.62 
360,951.94 

34,548.59 

28,284.08 



$2,609,928.82 

*21,112.8S 

$24,130,253.11 



•Credit 



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26 

Investment for Road Owned and Leased by Boston Elevated Railway 

December 31, 1925 



Boston Elevated Railway 

Road and Equipment 
Misc. Real Estate 



$106,644,373 38 
58,889 12 



Total Boston Elevated Railway $106,703,262 50 



Leased Lines 

Hyde Park Transportation Dist. 

(City of Boston) $225,000 00 

East. Mass. St. Ry. Co. 

West Roxbury $768,328 71 

East Boston 18,081 95 

Middlesex Fells Line . . . 29,546 01 
Amount due Boston Elevated 
Ry. for Additions and 
Betterments 119,283 19 

Total East. Mass. St. Ry. Co. 935,239 86 

Total Leased Lines 



$1,160,239 86 



City of Boston Investments — Subways and Tunnels 

Tremont Subway . 
East Boston Tunnel 
East Boston Tunnel Ext. 
Boylston Subway . 
Beacon Hill Tunnel 
Washington Tunnel 
Dorchester Tunnel . 

Total City of Boston Investment 



$4,376,531 69 
7,150,626 92 
2,332,885 24 
6,460,777 28 
1,636,902 60 
7,926,202 06 

10,763,456 26 



$40,647,382 05 



Commonwealth of Massachusetts Investment — Subways and Tunnels 

Cambridge— Main St. Subway . . $7,964,000 00 

Total Commonwealth of Massachusetts Investment $7,964,000 00 



TOTAL INVESTMENT FOR ROAD. OWNED AND LEASED $156,474,884 41 



27 



Investment Per $1 of Business 1897 to Date 

















Investment 


Permanent 
Investment 


Passenger 
Revenue Only 








Per $1 of 

Passenger 
Revenue 


Per $1 of 

Total 
Income 


Total 
Income 


Sept. 


30, 


1897 










$25,291,913.22 


$2,963 


$2,901 


$8,536,285.83 


$8,719,031.78 


Sept. 


30, 


1898 










31,251,811.90 


3.485 


3.376 


8,967,587.56 


9,257,252.94 


Sept. 


30, 


1899 










33,187,250.79 


3.512 


3.402 


9,449,928.89 


9,756,136.25 


Sept. 


30, 


1900 










37,793,501.62 


3,799 


3.692 


9,948,438.78 


10,236,994.49 


Sept. 


30, 


1901 










44,087,939.53 


4.174 


4.056 


10,562,533.45 


10,869,496.33 


Sept. 


30, 


1902 










46,466,591.31 


4.201 


4.104 


11,060,385.40 


11,321,030.13 


Sept. 


30, 


1903 










48,398,610.91 


4.148 


4.027 


11,666,906.60 


- 12,019,371.26 


Sept. 


30, 


1904 










51,886,524.39 


4.296 


4.127 


12,078,800.39 


12,436,593.79 


Sept. 


30, 


190.") 










57,187,809.61 


4.635 


4.488 


12,337,867.16 


12,741,569.30 


Sept. 


30, 


1906 










59,873,910.46 


4.567 


4.391 


13,109,316.03 


13,634,612.49 


Sept. 


30, 


1907 










65,979,896.07 


4.871 


4.709 


13,546,779.20 


14,011,167.72 


Sept. 


30, 


1908 










70,957,716.76 


5.207 


5.012 


13,628,383.20 


14,074,696.51 


Sept. 


30, 


1909 










81,592,634.49 


5,818 


5.629 


14,024.768.39 


14,493,853.13 


June 


30, 


1910 










87,997,421.75 


6.008* 


5.729* 


10,984,440.81 


11,519,685.36 


June 


30, 


1911 










92,904,910.27 


0.101 


5.814 


15,227,984.08 


15,980,707.94 


June 


30, 


1912 










101,864,058.69 


6.576 


6.165 


15,491,051.71 


16,522,542.00 


June 


30, 


1913 










105,019,587.59 


6.447 


6.189 


16,289,918.96 


16,968,328.33 


June 


30, 


1914 . 










106,990,919.12 


6.243 


6.016 


17,136,776.63 


17,785,978.25 


June 


30, 


1915 










113,166,182.04 


6.545 


6.327 


17,290,203.30 


17,886,549.64 


June 


30, 


1916 










117.116,007.58 


6.452 


6.236 


18,148,646.75 


18,781,327.74 


Dec. 


31, 


1917 










121,807,319.67 


6.400 


6.146 


19,030,940.62 


19,818,407.01 


Dec. 


31, 


1918 . 










134,181,073.47 


6.593 


6.370 


20,352,412.11 


21,062,962.82 


Dec. 


31, 


1919 










138,117,974.50 


4.836 


4.682 


28,767,544.11 


29,498,582.82 


Dec. 


31, 


1920 . 










139,156,058.00 


4.203 


4.089 


33,108,946.48 


34,031,636.44 


Dec. 


31, 


1921 . 










141,345,133.42 


4.382 


4.248 


32,253,629.59 


33,277,025.53 


Dec. 


31, 


1922 . 










143,345,873.68 


4.503 


4.384 


31,834,022.77 


32,699,176.37 


Dec. 


31, 


1923 . 










149,001,108.85 


4.475 


4.369 


33,297,951 .50 


34,096,813.26 


Dec. 


31, 


1924 . 










155,490,852.91 


4.653 


4.549 


33,419,172.22 


34,175,319.61 


Dec. 


31, 


1925 . 










156,474,884.41 


4.630 


4.529 


33,790,441.73 


34,547,379.61 



The permanent investment represents the actual money expended for property operated, including 
subways owned by the City of Boston and Commonwealth of Massachusetts. 
*For nine months onlv. 



28 

BOSTON ELEVATED RAILWAY 
Outstanding Capital Stock December 31, 1925 



No. Shares 



Par Value 



Net Premium 



Amount 
Realized 



Date of 
Approval by 
Commission 



Yearly 
Dividend 



Dividends 
Payable 



First Preferred StockJ 



04,000f 



$6,400,000 



$6,400,000.00 



Nov. 11, 1887 



8%— $512,000.00 



{ juty 1 



Second Preferred Stock:}: 



800 


$80,000 




$80,000.00 


Sept. 


7, 


1887 




4,640 


464,000 




464,000.00 


Sept. 


7, 


1887 




9,560 


956,000 




956,000.00 


Jan. 


24, 


1889 




40,000 


4,000,000 




4,000,000.00 


Aug. 


22, 


1889 




35,850 


3,585,000 


$780,934.15* 


4,371,934.15 


June 


19, 


1891 




4,542^ 


454,250 


360.720.87 


814,970.87 


Mar. 


19, 


1903 




1,500 


150,000 


119,970.83 


269,970.83 


July 


27, 


1904 




4,200 


420,000 


290,506.25 


710,506.25 


Mar. 


30, 


1907 




10,109 


1,010,900 


420,393.13 


1,431.293.13 


Dec. 


20, 


1907 




13,900 


1,390,000 


710,385.37 


2,100,385.37 


Sept. 


15, 


1910 




2,200 


220,000 


102,034.38 


322,034.38 


Feb. 


13, 


1913 




2,800 


280,000 


90,534.38 


370,534.38 


Apr. 


14, 


1914 




4,350 


435,000 


121,892.31 


556,892.31 


Mar. 


9, 


1915 




5,847 


584,700 


16,039.50 


600,739.50 


Mar. 


24, 


1917 




140,298£t 


$14,029,850 


$3,019,411.17 


$17,049,261.17 






275,350 


786,934.15* 


786,934.15* 










2,753*§ 


$2,232,477.02 


$16,262,327.02 


1%— $962,815.00 f Apr. 1 
I Oct. 1 


137,545 


$13,754,500 





Preferred Stock 



30,000 



$3,000,000 



$3,000,000.00 



Chap. 159 — 
Spec. Acts 191S 



7%— $210,000.00 



11 



an. 1 
July 1 



Common Stock 



5,000 
95,000 
33,000 
66,500 
39,294 



238,794 



$500,000 
9,500,000 
3,300,000 
6,650,000 
3,929,400 

$23,879,400 



$1,815,000.00 
695,958.13 
196,470.00 



$2,707,428.13 



$5,000,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 



$26,586,828.13 



July 26, 1897 

July 6, 1900 

Aug. 22, 1902 

Dec. 18, 1908 

Dec. 6, 1912 



6%— $1,432,764.00 



Jan. 1 

Apr. 1 

July 1 

Oct. 1 



*Credited to surplus. Not used for road and equipment purposes. 
fPar value changed from $50.00 to $100.00 June 10, 1922. 

{Prior to June 10, 1922. 
B. E. Ry. 1st Pfd. Stock was W. E. St. Rv. Co. Pfd. Stock. 
B. E. Ry. 2nd Pfd. Stock was W E St Ry. Co. Common Stock. 
Order of D. P. U. 759, June 2, 1922, authorizing issue of new stock June 10, 1922. 
718% shares retired July, 1923 ) 
§ 919 shares retired Aug., 1924 ? from income of Special Trust Fund. 
1116 shares retired Aug., 1925 ' 



29 



Outstanding Funded Debt December 31, 1925 



Par 

Value 


Rate 


Maturity 


Net Pre- 
mium of 
Discount 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Interest 


Co. 


$3,000,000 


6 % 


June 


1, 1933 


$♦180,000.00 


$2,820,000.00 


May 


10, 


1923 


$180,000.00 


B. E. 


2,098,000 


6 % 


Mar. 


1, 1934 


24,315.82 


2,122,315.82 


Feb. 


15, 


1924 


125,880.00 


B. E. 


1,581,000 


5%% 


Aug. 


1, 1934 


*5,027.58 


1,575,972.42 


June 


19, 


1924 


86,955.00 


B. E. 


7,500,000 


4 % 


May 


1, 1935 


276,900.00 


7,776,900.00 


Apr. 


7, 


1905 


300,000.00 


B. E. 


1,000,000 


4 % 


May 


1, 1935 


*55,000.00 


945,000.00 


June 


15, 


1907 


40,000.00 


B. E. 


4,SO0,000 


W 2 % 


Oct. 


1, 1937 


*29.585.04 


4,770,414.96 


June 


15, 


1907 


216,000.00 


B. E. 


5,000,000 


4V 2 % 


Nov. 


1, 1941 


♦100,000.00 


4,900,000.00 


Oct. 


17, 


1911 


225,000.00 


B. E. 


4,000,000 


5 % 


Dec. 


1, 1942 


*80,000.00 


3,920,000.00 


Dec. 


6, 


1912 


200,000.00 


B. E. 


1,000,000 


5 % 


Dec. 


t, 1942 


♦78,940.00 


921,060.00 


May 


27, 


1914 


50,000.00 


B. E. 


3,286,000 


5 % 


Dec. 


1, 1942 


♦201,779.76 


3,024,220.24 


Nov. 


9, 


1915 


164,300.00 


B. E. 


2,700,000 


Q l A% 


Feb. 


1, 1927 


14,040.00 


2,714,040.00 


Dec. 


23, 


1921 


168,750.00 


W. E. 


1.956,000 


6 % 


May 


1, 1927 


5,281.20 


1,9(51.281.20 


Dec. 


23, 


1921 


117,360.00 


W. E. 


850,000 


W*% 


July 


1, 1930 


255.00 


850,255.00 


July 


2, 


1910 


38,250.00 


W. E. 


754,000 


4%% 


July 


1, 1930 


28,727.40 


782.727.40 


Apr. 


4, 


1912 


33,930.00 


W. E. 


3,559,000 


4 % 


Aug. 


1, 1932 


72,568.01 


3.631,568.01 


Sept. 


18, 


1902 


142,360.00 


W. E. 


700,000 


4 % 


Aug. 


1, 1932 


33,251.00 


733,251.00 


Dec. 


1, 


1903 


28,000.00 


W. E. 


750,000 


4 % 


Aug. 


1, 1932 


38,227.50 


788,227.50 


Sept. 


1, 


1904 


30,000.00 


W. E. 


200,000 


4 % 


Aug. 


1, 1932 


11,866.00 


211,866.00 


Feb. 


11, 


1905 


8,000.00 


W. E. 


500,000 


4 % 


Aug. 


1, 1932 


2,290.00 


502,290.00 


Dec. 


12, 


1906 


20,000.00 


W. E. 


000,000 


5 % 


Nov. 


1, 1932 


24.888.00 


624,888.00 


Feb. 


13, 


1913 


30,000.00 


W. E. 


815,000 


5 % 


May 


1, 1936 


5,786.50 


820,786.50 


Apr. 


6, 


1916 


40,750.00 


W. E. 


2,600,000 
570,000 


5 % 

7 % 


Mar. 
Sept. 


1, 1944 
1, 1947 


112,832.07 
399.00 


2,712,832.07 
570,399.00 


{ Feb. 
I Apr. 
1 Aug-. 
| Sent. 


4, 
14, 
24, 

4, 


1914 
1914 
1917 
1917 


130,000.00 
39,900.00 


W. E. 
W. E. 


$49,819,000 




SUSMKS*! 


*$138,704.8S 


$49,680,295.12 




$2,415,435.00 





1 Discount. 



30 



History of the 1919 Loan Assessment on Cities and Towns 
Chapter 159, Special Acts 1918 

Allocation of Assessment on Cities and Towns of Boston Elevated Deficit, Year 

ended June SO, 1919. 



Cities and Towns 


Passengers 


Per 
Cent. 


Amount 


Distribution 

of July, 1922 

Repayment 


Distribution 

of July, 1923 

Repayment 


Distribution 

of July, 1925 

Repayment 


Balance 
Due 


Boston . 


2,100,423 


71.9330 


$2,863,042.50 


$372,034.92 


$790,029.10 


$14,902.98 


$1,686,075.50 


Cambridge 


283,475 


9.7081 


386,397.11 


50,209.95 


106,622.54 


2,011.31 


227,553.31 


Somerville 


122,583 


4.1981 


167,090.75 


21,712.43 


46,106.54 


869.75 


98,402.03 


Brookline 


74,553 


2.5532 


101,621.23 


13,205.06 


28,040.99 


528.96 


59,846.22 


Medford 


59,754 


2.0464 


81,449.82 


10,583.91 


22,475.56 


423.97 


47,966.38 


Maiden . 


55,838 


1.9123 


76,112.44 


9,890.35 


21,002.65 


396.19 


44,823.25 


Everett . 


54,823 


1.8775 


74,727.35 


9,710.36 


20,619.69 


388.97 


44,008.33 


Watertown 


41,198 


1.4109 


56,155.96 


7,297.12 


15,496.14 


292.32 


33,070.38 


Arlington 


32,477 


1.1122 


44,267.25 


5,752.26 


12,215.36 


230.43 


26,069.20 


Chelsea . 


29,659 


1.0157 


40,426.40 


5,253.17 


11,154.86 


210.42 


23,807.nr, 


Newton . 


27,201 


.9316 


37,079.09 


4,818.20 


10,231.84 


193.01 


21,836.04 


Belmont 


18.746 


.6420 


25,552.57 


3,320.40 


7,051.43 


133.02 


15,047.72 


Quincy (Common- 
wealth of Mass.) 
Stoneham (Com- 


15,569 


.5332 


21,222.17 


2,757.69 


18,464.48 






monwealth of 
Mass.) 
*Commonwea 1th 
of Mass. . 


3,674 


.1258 


5,007.03 


650.63 


4,356.40 
690.24 




•690.'>4 


Totals . 


2,919,973 


100.00% 


$3,980,151.67 


$517,196.45 


$1,114,557.82 


$20,581.33 


$2,327,816.07 



Based on traffic counts made Tuly 24, 25, 26, 27, 1919, in accordance with the provisions of section 
14, chapter 159, Special Acts 1918. 

*From the July 1923 repayment the Commonwealth of Massachusetts deducted $690.24 to re- 
imburse themselves for the difference between 126 days' interest at 4.28 per cent, on $4,000,- 
000. (Note issued July 17, 1919, due November 20, 1919) and $3,980,151.67, the amount 
paid to the Boston Elevated Railway Company $297.33 

And interest from July 17, 1919, to July 19, 1923, on amount the State deducted to pay assess- 
ment of Quincy and Stoneham 392.91 

Amount of expense to State to be assessed to towns and cities pro rata to their orig- 
inal contribution $690.24 

•Credit. 



31 



RESERVE FUND 

Balance January 1, 1925 $176,868 31 

Excess of Receipts over Cost of Service 

January $269,649 08 

February 118,183 05 

March 211,955 71 

April 130,636 68 

May 139,081 44 

October 117,703 96 

November 45,265 00 

December 289,345 67 

$1,321,820 59 

Excess of Cost of Service over Receipts 

June $25,792 94 

July 249,477 93 

August 367,593 94 

September 176,763 97 

$819,628 78 
Excess for the Year of Receipts over Cost of Service $502,191 81 



$679,060 12 
Amount Refunded to Commonwealth of Mass., July 1, 1925 .... 20,581 33 



$658,478 79 
Profit and Loss Items Dr. 20,680 88 



Balance— December 31, 1925 $637,797 91 



BOSTON ELEVATED RAILWAY COMPANY, TRUSTEE 

Statement of Special Trust Fund, December 31, 1925 

Principal of Trust Fund as established . . $1,500,000 00 

Accretions and accumulations to December 31, 1925 633,495 86 

Total Special Trust Fund $2,133,495 86 

Income from June 10, 1922, to December 31, 1925 . . $330,694 92 
Less amount paid on account of retirement of 
Second Preferred Stock, as follows: 
7183 shares purchased July, 1923 . . $72,193 40 
919 shares purchased July, 1924 . . 90,319 68 
1,116 shares purchased July, 1925 . . 111,685 37 

$274,198 45 

$56,496 47 

Investments $2,126,840 34 

Cash on Deposit $63,151 99 



a^^^8| 




Boston ElevatedRailw^ Lines 
Operated 1925 



Rapid transit {lio^SsS 
Boa Linco ammmmmailma 



Copyright by W. L. Mathor, Button 



• If '■■■'"-'' ;l 
™Kt2SfflKsi ' ; 191 



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